MI HB5288

Michigan Strategic Fund would be prohibited from providing grants, loans, or other economic assistance to any person or entity on the federal Uyghur Forced Labor Prevention Act (UFLPA) entity list.

All new and amended written agreements for economic assistance must include provisions requiring entities added to the UFLPA list to forfeit future payments, reimburse 100% of funds already received, plus pay a 10% penalty.

The fund must amend all existing written agreements within 90 days of the act's effective date to include the same forfeiture, reimbursement, and penalty provisions.

Existing agreements that are not amended as required become void, unenforceable, and against public policy, with no further disbursements permitted.

The bill also reorganizes and reformats various definitions in the Michigan Strategic Fund Act, including terms for "economic development project," "port facilities," and "project," without substantively changing their meanings.