Economic development: other; divestment from terror act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 2 of 2008 PA 234 (MCL 129.292). TIE BAR WITH: SB 0631'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Divestment from Terror Act to eliminate the Michigan Strategic Fund from the list of entities subject to divestment requirements. Specifically, it modifies section 2 of 2008 PA 234 (MCL 129.292) to clarify that active business operations do not include activities of entities providing humanitarian aid to state sponsors of terror. The bill’s enactment is contingent upon the passage of Senate Bill 631.
Key provisions
- Defines ‘active business operations’ to exclude humanitarian aid providers.
- Clarifies ‘business operations’ to encompass commerce with state sponsors of terror.
- Specifies the definition of ‘Company’ as various business entities.
- Details the definition of ‘Fiduciary’ including various state retirement systems and other entities.
- Eliminates the Michigan Strategic Fund from the list of entities subject to divestment.
- Defines ‘Inactive business operations’ as continued property holding without revenue generation.
- Outlines ‘Indirect holdings’ in a company through managed funds.
- Provides criteria for identifying a ‘Scrutinized company’ and exceptions.
Who is affected
- State Retirement Systems
- The Michigan Strategic Fund
- Businesses engaging in commerce
- Fiduciaries managing investments
- Entities providing humanitarian aid
Notable changes
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