MI HB5922

Requires marijuana license applicants and licensees to file proof of financial responsibility of at least $100,000 with the marijuana regulatory agency before receiving or renewing a license, with an attestation of compliance on an agency-approved form.

Expands acceptable forms of financial responsibility to include: cash, unencumbered securities (with pledge agreement), liability insurance policies (signed by insurance officer), and constant value bonds from licensed surety companies.

Requires licensees to immediately pledge additional securities if market value of pledged securities falls below $100,000, and mandates immediate license suspension if proof of financial responsibility lapses.

Specifies that financial responsibility must cover bodily injuries from adulterated marijuana or marijuana-infused products, including injuries from intentional conduct, but excludes injuries from intentional harm or expected long-term effects of marijuana consumption.

Defines "securities" to include SEC-registered stocks and bonds, U.S. obligations, state bonds, municipal bonds, irrevocable trusts with $100,000 minimum principal, and irrevocable letters of credit or certificates of deposit from licensed financial institutions.