HOUSE BILL NO. 4612
A bill to regulate political activity; to require state senators to file financial reports; to prescribe the powers and duties of certain state officers and agencies; to require the promulgation of rules; to impose fees; to prescribe penalties and civil sanctions; and to provide remedies.
The people of the state of michigan enact:
Sec. 1. This act shall be known and may be cited as the "state senator financial disclosure act".
(a) "Beneficial interest" includes, but is not limited to, the interest in a trust of a qualified trust beneficiary or a trust beneficiary as those terms are defined in section 7103 of the estates and protected individuals code, 1998 PA 386, MCL 700.7103.
(b) "Blind trust" means a qualified blind trust or qualified diversified trust as those terms are defined in 5 CFR 2634.403.
(c) "Earned income" means salaries, tips, or other compensation, and net earnings from self-employment for the taxable year.
(d) "Immediate family of an individual", except as otherwise provided in this act, means a spouse or dependent child of that individual or a person claimed by that individual or that individual's spouse as a dependent for federal income tax purposes.
(e) "Income" means money or any thing of value received, or to be received as a claim on future services, whether in the form of a fee, salary, expense, allowance, forbearance, forgiveness, interest, dividend, royalty, rent, capital gain, or any other form of recompense that is considered income under the internal revenue code of 1986, 26 USC 1 to 9834.
(f) "State official" means a state senator whose current term began after the effective date of this act.
Sec. 3. (1) If an individual is a state official at any time during a calendar year, that individual shall electronically file with the secretary of state by May 15 of the following year a report that meets the requirements of section 4. This subsection does not apply to an individual who was a state official only on the first day of the calendar year or who, under any of the following acts, files a report in the current calendar year:
(a) University board member financial disclosure act.
(b) State board of education financial disclosure act.
(c) State representative financial disclosure act.
(d) Judicial branch financial disclosure act.
(e) Executive branch financial disclosure act.
(2) If an individual required to file a report under this act receives notice from the secretary of state under section 6(1)(g), the individual shall, within 9 business days after receiving the notice, file corrections to the errors or omissions or file the report, as applicable.
Sec. 4. (1) Subject to subsection (4), and except as provided in section 5, a report required under section 3 must include a complete statement of all of the following:
(a) The full name, mailing address, and occupation of the individual filing the report.
(b) The name of each member of the immediate family of the individual filing the report who is not a dependent child and the number of members of the immediate family of the individual filing the report who are dependent children.
(c) The name, address, and principal activity of each employer of the individual and of each member of the immediate family of the individual filing the report during the calendar year covered by the report if the individual's or member's total earned income from the employer equals $5,000.00 or more during that calendar year.
(d) Both of the following, as applicable:
(i) The source and type of earned income received during the preceding calendar year by the individual filing the report if the total earned income from that source equals $5,000.00 or more during that calendar year.
(ii) The source and type of earned income received during the preceding calendar year by each member of the immediate family of the individual filing the report if the total earned income from that source equals $5,000.00 or more during that calendar year.
(e) The source and type of all other income not reported under subdivision (d) that is received during the preceding calendar year by the individual filing the report or a member of the immediate family of that individual if the total income from that source equals $5,000.00 or more during that calendar year.
(f) Excluding a primary residence, the address of each parcel of real property held during the preceding calendar year by the individual filing the report or a member of the immediate family of that individual if the real property had a fair market value of $50,000.00 or more at any time the real property was held during the preceding calendar year. An individual filing a report may exclude the street number of a parcel of real property listed under this subdivision.
(g) A description of any stocks, bonds, commodities, futures, shares in mutual funds, or other forms of securities held by the individual filing the report or a member of the immediate family of that individual during the preceding calendar year, if the security has a total aggregate fair market value of $10,000.00 or more on the date the report is filed.
(h) A description of any interest in any of the following types of assets held by the individual filing the report or a member of the immediate family of that individual, if the interest in the asset has a value of $10,000.00 or more on the date the report is filed:
(i) A qualified or nonqualified annuity.
(ii) A benefit under a qualified or nonqualified plan of deferred compensation.
(iii) An account in, or benefit payable under, any pension, profit-sharing, stock bonus, or other qu