The bill proposes the enactment of section 126.17 of the Revised Code, which mandates the Director of Budget and Management to create and manage a centralized reporting system for financial status reports related to public money allocated through various programs, including grants, loans, economic development, workforce development, and public assistance. The system is required to be operational within one year of the bill's effective date and will collect detailed information on public funds provided to recipients, which are defined as non-governmental entities receiving state funds for business-related purposes.

Recipients will be obligated to comply with specific reporting requirements for any public money received after the one-year mark, including an annual report detailing expenditures, project progress, and compliance with applicable laws. The bill also establishes penalties for non-compliance, such as failing to file required reports or submitting falsified information, with fines escalating for repeated offenses. Additionally, state agencies are tasked with informing recipients of these requirements and facilitating compliance reviews.