Mich. Comp. Laws § 129.311
Short title.
This act shall be known and may be cited as the "Iran economic sanctions act".
Michigan Compiled Laws — IRAN ECONOMIC SANCTIONS ACT (Act 517 of 2012)
Michigan · statute · 517 of 2012, Mich. Comp. Laws · 6 active provisions
Mich. Comp. Laws § 129.312
Definitions.
As used in this act: (a) "Energy sector of Iran" means activities to develop petroleum or natural gas resources or nuclear power in Iran. (b) "Investment" means 1 or more of the following: (i) A commitment or contribution of funds or property. (ii) A loan or other extension of credit. (iii) The entry into or renewal of…
Mich. Comp. Laws § 129.313
Ineligibility of Iran linked business to submit request for proposal bid; certification.
(1) Beginning April 1, 2013, an Iran linked business is not eligible to submit a bid on a request for proposal with a public entity. (2) Beginning April 1, 2013, a public entity shall require a person that submits a bid on a request for proposal with the public entity to certify that it is not an Iran linked business.
Mich. Comp. Laws § 129.314
Effect of false certification.
If a public entity determines, using credible information available to the public, that a person has submitted a false certification under section 3(2), the public entity shall provide the person with written notice of its determination and of the intent not to enter into or renew a contract with the person. The notice…
Mich. Comp. Laws § 129.315
Civil action; penalty.
The attorney general may bring a civil action against any person reported under section 4. If a civil action results in a finding that the person submitted a false certification, the person is responsible for a civil penalty of not more than $250,000.00 or 2 times the amount of the contract or proposed contract for whi…
Mich. Comp. Laws § 129.316
Conditional effect.
The provisions of this act are effective only if Iran is a state sponsor of terror as defined under section 2 of the divestment from terror act, 2008 PA 234, MCL 129.292.