MI HB4917

Changes late filing penalty language from "by" to "under" this act for corporations neglecting to file required reports or pay fees.

Modifies penalty calculation from "$10.00 for each month or part of a month" to "$10.00 for each 1-month period or part of a 1-month period" that a corporation is delinquent, capped at $50.00.

Clarifies that the administrator "does not" assess penalties during extensions granted under section 923, rather than stating penalties "shall not" apply.

Allows 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 waiver is in the public interest.

Takes effect 90 days after enactment.