HB 4552 Summary

• Board must approve or disapprove fund assistance requests within 90 days of application, with ability to reconsider denials or waive deadline upon written request from applicant.

• Beginning April 1, 2010, board cannot approve assistance for businesses that failed to comply with the Michigan corporate responsibility act or failed to disclose civil or criminal offenses as required.

• Creates an independent Office of the Chief Compliance Officer within the Michigan Strategic Fund to oversee ethics policies and prevent illegal or improper conduct.

• Chief compliance officer appointed by state administrative board with authority to recommend policies on conflicts of interest, investments, and ethics; provide compliance guidance; and conduct reviews and investigations.

• Chief compliance officer must submit quarterly reports to fund board and state administrative board, prepare annual compliance reports to governor and legislature, and contact recipients of awards, investments, grants, and loans to ensure compliance.