This bill requires the Department of Economic and Community Development and any state agency authorized to award financial assistance to include provisions for remedies in the event the recipient of financial assistance willfully fails to comply with any applicable state or federal law, regulation, rule, or executive order, including labor laws. These remedies may include liquidated damages and the repayment of any financial assistance provided. The bill defines "financial assistance" as grants, loans, loan guarantees, contracts of insurance, investments, or combinations of them, provided from the proceeds of bonds, notes, or other obligations of the state or an agency that constitute a state debt or liability secured by a special capital reserve fund payable from the General Fund. The bill takes effect upon passage.

This bill has no fiscal impact as the Department of Economic and Community Development has the expertise to accommodate this provision without additional resources. The bill does not have any impact on municipalities.