MI HB4326

Amends the 2012 Public Act 436 to modify definitions and procedures for determining financial stress in local governments and school districts.

Expands the definition of "creditor" to include entities with noncontingent claims of at least $5,000,000 or more than 5% of a local government's debt, and adds provisions for entities with potential claims from rejected contracts.

Requires the state financial authority to conduct a preliminary review of school districts subject to a deficit elimination plan lasting more than 5 years or where the school district fails to materially comply with plan requirements.

Mandates that preliminary reviews be completed within 30 days with interim reports provided within 20 days, final reports posted on the Department of Treasury website within 7 days, and local emergency financial assistance loan board determinations made within 20 days of the final report.

Ratifies all proceedings, actions, and consent agreements taken under former versions of the act (2011 PA 4, 1988 PA 101, and 1990 PA 72) before March 28, 2013, and makes those agreements binding and enforceable under this act.