MI SB0155

Amends Section 303 of the Revised Municipal Finance Act to require municipalities to file a qualifying statement with the department within 6 months of their fiscal year end to determine compliance with financial requirements.

Establishes "qualified status" for municipalities meeting 16 specific financial compliance criteria, including not operating under fiscal responsibility acts, maintaining proper audit reports, staying within debt limits, and avoiding delinquencies in tax transfers and pension contributions.

Allows municipalities with qualified status to issue municipal securities without prior department approval, with the determination valid for 30 business days after the next qualifying statement is due or until a new determination is made.

Requires municipalities without qualified status to obtain prior written approval from the department for each municipal security issuance, submitting an application with a filing fee of 0.03% of principal amount (between $800-$2,000) and supporting documentation.

Takes effect only if Senate Bill No. 153 of the 96th Legislature is enacted into law.