MI SB1024

Prohibits businesses with economic relationships to Iran's energy sector from bidding on public contracts with Michigan state agencies, political subdivisions, and other public entities, effective April 1, 2013.

Requires all bidders on public contracts to certify they are not "Iran linked businesses," defined as entities with $20 million or more invested in Iran's energy sector or financial institutions extending $20 million or more in credit for such investments.

Establishes a 90-day process for persons to contest false certification determinations by public entities, with option to become eligible for future contracts by ceasing Iran-related activities.

Authorizes the Attorney General to pursue civil action against false certifiers, imposing penalties up to $250,000 or twice the contract value (whichever is greater), plus investigation costs and attorney fees, and a 3-year bidding ban.

Act remains in effect only if Iran maintains its designation as a state sponsor of terror under the Divestment from Terror Act.