The bill amends the Michigan Strategic Fund Act by adding a new section, Sec. 15, which mandates that starting April 1, 2027, the fund must include provisions in its written agreements for an event of default and clawback of funds. This applies to recipients of funds, such as loans or grants, who report a new listing on the registry outlined in section 7 of the anti-offshoring accountability act during the term of their agreement.

Additionally, the bill specifies that it will take effect 90 days after being enacted into law, but only if certain other legislative measures, specifically Senate Bill No. _____ or House Bill No. 6070, are also enacted. This ensures that the new provisions regarding clawbacks and defaults are contingent upon the passage of related legislation.

Statutes affected:
House Introduced Bill: 125.2001, 125.2094