MI HB4685

Requires specified state officers (governor, lieutenant governor, secretary of state, attorney general, state treasurer, superintendent of public instruction, and members of liquor control commission, civil service commission, state board of education, and governing boards of public universities) to file annual financial disclosure reports with the board of ethics by February 1 each year.

Reports must include complete statements of the officer's and immediate family members' employers, earned income sources over $5,000, other income over $5,000, real property valued over $50,000 (excluding primary residence), securities valued over $10,000, retirement accounts valued over $10,000, compensated positions worth over $1,000, and business interests with book value over $10,000.

Allows officers to omit information already reported under campaign finance law, certain family assets the officer has no knowledge of or financial benefit from, spousal information in cases of separation/divorce, and benefits from publicly held corporations if properly disclosed.

Grants the board of ethics authority to use reports to determine compliance with ethics and conflict of interest laws and requires preservation of reports for at least 15 years; reports are confidential except officers may disclose their own reports and public can request former officers' reports within 10 business days.

Imposes disciplinary action by the governor for willful violations by non-governor state officers, and censure via concurrent resolution for gubernatorial violations; takes effect January 1, 2023, contingent on enactment of House Bill 4686.