The bill amends the "Divestment from Terror Act" by updating definitions and clarifying terms related to business operations with state sponsors of terror. Notably, it specifies that "active business operations" do not include humanitarian aid activities, and it introduces a new definition for "social development company," which refers to entities providing humanitarian goods or services in state sponsors of terror. The bill also revises the definition of "fiduciary" to include various state retirement systems and modifies the language regarding the Michigan strategic fund board to refer to the bureau of fair competition and free enterprise.

Additionally, the bill clarifies the criteria for identifying "scrutinized companies," which are those with significant business ties to state sponsors of terror. It emphasizes the need for companies to take "substantial action" to cease such operations and outlines the conditions under which a company may be exempt from scrutiny based on federal sanctions. The enactment of this bill is contingent upon the passage of Senate Bill No. 631 from the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 129.292