Economic development: Michigan strategic fund; compliance with the Uyghur forced labor prevention act; provide for. Amends sec. 4 of 1984 PA 270 (MCL 125.2004) & adds sec. 7c.
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Michigan Strategic Fund Act to ensure compliance with the Uyghur Forced Labor Prevention Act. It prohibits the fund from providing financial assistance to entities listed on the UFLPA entity list and establishes a process for recovering funds already disbursed to such entities if they are added to the list. The bill also clarifies definitions related to the fund and its activities, including those concerning economic development projects and green chemistry principles.
Key provisions
- Prohibits the Michigan Strategic Fund from providing grants, loans, or other economic assistance to entities on the Uyghur Forced Labor Prevention Act entity list.
- Requires reimbursement of funds already disbursed to entities on the UFLPA entity list, with a 10% penalty.
- Mandates the inclusion of a compliance clause in new and existing agreements with entities on the UFLPA entity list.
- Specifies that agreements not amended to include the compliance clause are void.
- Clarifies definitions related to ‘economic development project,’ ‘green chemistry,’ and other key terms within the fund’s operations.
- Addresses the FWC Qualified Settlement Fund and its use of loan proceeds.
- Establishes a process for amending existing agreements to include the UFLPA compliance clause.
- Defines ‘Special Purpose FWC Settlement Entity’ and its role in settlement agreements.
Who is affected
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