MI HB5556

Allows applicants for industrial construction permits to purchase wetland mitigation credits from approved wetland mitigation banks as an alternative to on-site restoration, creation, or preservation

Requires mitigation activities to be completed concurrently with permitted construction activities unless the department and permittee agree to an alternative schedule

Eliminates financial assurance requirements for mitigation activities on sites of 0.25 acres or less or when mitigation occurs on the same site as permitted activities

Requires financial assurance in the form of a bond for delayed or high-risk mitigation activities, based on third-party cost estimates for completing remaining mitigation work

Creates new rules allowing temporary mitigation credits that developers can purchase to offset wetland impacts while permittee-responsible mitigation is being completed, with credits retired once the site is built and certified