HB 4461 Summary

• Establishes the "Financial Disclosure Act" requiring state and local officials and candidates for higher offices to file annual financial disclosure reports with the Michigan Bureau of Elections.

• Requires disclosure of earned income, other income, assets, liabilities, business positions, and real property transactions if amounts exceed specified thresholds ($1,000-$10,000 depending on category).

• Sets filing deadlines of May 1 annually for sitting officials and within 30 days of candidacy announcement (but no later than 11 days before election) for candidates.

• Mandates the Bureau of Elections make all filed reports publicly available online within one business day and in hard copy within three business days.

• Imposes late filing fees up to $1,000 and criminal penalties including fines up to $1,000 and up to 90 days imprisonment for knowingly filing incomplete/inaccurate reports or failing to file multiple reports over 30 days.