MI HB4240

Prohibits Michigan public bodies from accepting gifts, grants, or agreements from "foreign countries of concern" (China, Russia, Iran, North Korea, Cuba, Venezuela's Maduro regime, and Syria) if such agreements constrain contracting freedom, allow foreign control of programs, or threaten U.S. safety and security

Requires cultural exchange agreements with foreign countries of concern to be reviewed by a federal national security agency before execution, with prohibition if the agency identifies security risks

Mandates public bodies disclose gifts or grants of $50,000 or more from any foreign source to the Department of Insurance and Financial Services within 30 days, with information made publicly available

Requires entities seeking public contracts or grants of $100,000 or more to disclose any interests, contracts, or gifts of $50,000+ from foreign countries of concern within the past 5 years

Establishes civil fines of $5,000 for first violations and $10,000 for subsequent violations of disclosure requirements, with third-time violators becoming ineligible for public contracts