MI HB5971

Changes the language describing penalty periods from "month or part of a month" to "1-month period or part of a 1-month period" for corporations that fail to file reports or pay fees on time.

Modifies the penalty cap structure so corporations pay $10.00 per 1-month period of delinquency or $50.00, whichever is less (clarifying the maximum penalty amount).

Updates statutory language from "shall not" to "does not" regarding penalties that do not apply during extensions granted under section 923.

Revises subsection (3) to allow the administrator to waive penalties in whole or in part if the penalty would constitute an improper and inequitable imposition on the corporation and the administrator finds the waiver is in the public interest.

Takes effect 90 days after the date of enactment.