MI HB5690

Amends the Michigan Consumer Protection Act to add Section 3j, which prohibits prescription drug manufacturers from charging excessive prices or making unconscionable increases in wholesale acquisition costs for prescription drugs.

Defines "unconscionable increase" as a wholesale acquisition cost increase that is excessive and unjustified by production costs or expansion of drug access, or that eliminates meaningful consumer choice due to the drug's health importance and insufficient market competition.

Requires the Attorney General to investigate allegations of excessive pricing or unconscionable cost increases referred by the Drug Consumer Protection Commission and empowers the Attorney General to bring class actions for damages.

Directs settlement proceeds from class action lawsuits to be deposited into a restricted fund for consumer refunds in Michigan rather than general revenue.

Takes effect 90 days after enactment, contingent on passage of House Bill 5691 or a Senate bill creating the Drug Consumer Protection Commission.