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MI SB1027
Bill
AI Summary
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Adds Section 15 to the Michigan Strategic Fund Act (1984 PA 270) requiring the fund to establish requirements ensuring recipients are not Iran-linked businesses.
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Fund recipients subject to requirements include those receiving loans, grants, or any other project funding or assistance.
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Recipients must comply with definitions of "Iran linked business" as described in the Iran Economic Sanctions Act.
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Bill takes effect only if Senate Bill No. 1024 of the 96th Legislature is enacted into law (tie-barred provision).
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Passed by the Senate on June 12, 2012.
Legislative Description
State financing and management; funds; strategic fund; subject to new Iran economic sanctions act. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding sec. 15. TIE BAR WITH: SB 1024'12
State financing and management, funds
Last Action
Referred To Committee On Banking And Financial Services
6/12/2012