HB 5459 Summary

• Requires the Michigan Strategic Fund to post on its website a notice of all businesses that have ceased operations after receiving grants, loans, or other economic assistance, including the business name, assistance type and amount, and likelihood of recovery if in breach.

• Mandates the fund post notice within 3 days when a qualified business seeks to amend its written agreement, specifying which terms are being modified.

• Requires the fund to post notice within 3 days when a qualified business fails to meet agreement terms, including details on unmet obligations, job creation/retention, assistance received, and recovery likelihood.

• Updates Michigan Trust Fund Act references from MCL 12.251 to 12.260 to MCL 12.251 to 12.262 in sections governing fund allocations and administration costs.