The bill amends the Michigan BIDCO Act by updating definitions and clarifying the roles of various entities involved in business and industrial development. Key changes include the introduction of new definitions such as "Bureau," which refers to the bureau of fair competition and free enterprise, and the clarification of the term "Michigan strategic fund," which will now reference either the existing fund or the bureau depending on the effective date of the economic development fair competition and free enterprise act. Additionally, the definitions of "Affiliate," "BIDCO," and "Business development enterprise" have been refined to enhance clarity regarding their roles and relationships.

The bill also modifies the definition of "Commissioner," changing the title to "director of the department of insurance and financial services," and updates the definition of "Control" to specify the criteria for determining control over a specified person. Other definitions, such as "License" and "Licensee," have been adjusted to ensure they encompass the necessary entities under the BIDCO framework. The enactment of this bill is contingent upon the passage of Senate Bill No. 631 of the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 487.1104, 487.1105