MI HB4480

Expands annual reporting requirements for the Michigan Strategic Fund to include detailed information on all financial assistance programs, including entities receiving assistance, job creation metrics, and loan status.

Requires the fund to report within 120 days of receiving notice when a direct recipient of an active incentive of at least $500,000 files for bankruptcy, and to provide this information to specified legislative leaders and committees.

Mandates the fund post on its website starting July 1, 2015 a list of all contracts and agreements for financial assistance under specified sections entered into or modified in the preceding fiscal year.

Establishes that the fund board must apply the prudent investor rule when managing 21st century investments and requires selection of qualified funds through a request for proposal process with disclosure of conflicts of interest and regulatory investigations.

Prohibits use of fund money for stadium or arena development, casino-related projects, and requires restrictions preventing assistance to persons convicted of certain crimes or businesses that would induce qualified businesses to leave Michigan.