MI SB0614

Amends the Michigan Employment Security Act to modify how interest and penalties on unpaid unemployment contributions are collected and distributed.

Changes interest computation language from "day to day" to "day-to-day" basis for unpaid contributions and recovered amounts, with interest capped at 50% of contributions due.

Directs interest and penalties collected under section 62 to be paid into the special fraud control fund instead of the contingent fund.

Replaces references to "commission" with "unemployment agency" throughout the section regarding collection procedures, assessments, and enforcement actions.

Bill effectiveness is contingent on concurrent enactment of Senate Bills 612, 613, and 615 of the 95th Legislature.