MI HB4481

Transfers all powers and decision-making authority of the strategic economic investment and commercialization board to the fund board, effective October 18, 2010.

Establishes a competitive grant and loan process for basic research, applied research, university technology transfer, and commercialization of competitive edge technologies, with preference for proposals that create employment and economic diversification in Michigan.

Limits grants to Michigan institutions of higher education, Michigan nonprofit research institutions, and Michigan nonprofit corporations, except when matching federal small business innovation research or technology transfer funds (capped at 25% of federal funds).

Requires contracts to include measurable milestones, provisions to revoke awards for breach or failure to meet objectives, and repayment requirements for grants if businesses leave Michigan within 3 years or for loans that fail to meet measurable outcomes.

Grants the auditor general access to all books, records, and financial information of grant and loan recipients, and allows the fund to conduct independent audits at the recipient's expense if a breach of contract is suspected.