MI HB5540

Requires applicants for the Critical Industry Program and Michigan Strategic Site Readiness Program to submit a hiring and promotional practices form attesting they use only merit-based hiring and promotional practices for 5 years or the duration of the written agreement, whichever is greater.

Establishes penalties for false attestations on the hiring and promotional practices form, including perjury charges under Michigan Penal Code section 423 and a $5,000 civil fine.

Defines "merit" as a reasonable expectation based on objective criteria such as experience, education, and training that a prospective or current employee can adequately perform job duties.

Prohibits the Michigan Strategic Fund from entering into written agreements with qualified businesses or eligible applicants that do not comply with merit-based hiring and promotional requirements or fail to submit required attestation forms.

Makes technical changes to existing statutory language, including replacing "shall" with "must" and updating references to the Uniform Commercial Code definition of security interests.