Section 129.299 – Business With Iran; Fiduciary Subject to Provisions of Public Employee Retirement System Investment Act.
129.299 Business with Iran; fiduciary subject to provisions of public employee retirement system investment act. Sec. 9. If a scrutinized company does business with the government of Iran and the fiduciary is subject to the divestment provisions of section 13d of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133d, for that […]
Section 129.300 – Applicability of Act; Dates; Extension.
129.300 Applicability of act; dates; extension. Sec. 10. (1) If a state sponsor of terror is any of the following countries, then, except as provided in subsection (2), the provisions of this act begin to apply on the following dates: (a) Syria, January 1, 2010. (b) Cuba, January 1, 2011. (c) Any other country, 12 […]
Section 129.301 – Divestment of Funds; Recommendations of Department of Treasury.
129.301 Divestment of funds; recommendations of department of treasury. Sec. 11. Not later than October 1, 2010 and October 1, 2011, and not later than 9 months immediately following the determination of another country as a state sponsor of terror, the department of treasury shall make recommendations to each house of the legislature and to […]
Section 129.311 – Short Title.
129.311 Short title. Sec. 1. This act shall be known and may be cited as the “Iran economic sanctions act”. History: 2012, Act 517, Eff. Apr. 1, 2013
Section 129.312 – Definitions.
129.312 Definitions. Sec. 2. 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) […]
Section 129.313 – Ineligibility of Iran Linked Business to Submit Request for Proposal Bid; Certification.
129.313 Ineligibility of Iran linked business to submit request for proposal bid; certification. Sec. 3. (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 […]
Section 129.314 – Effect of False Certification.
129.314 Effect of false certification. Sec. 4. 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 […]
Section 129.315 – Civil Action; Penalty.
129.315 Civil action; penalty. Sec. 5. 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 […]
Section 129.316 – Conditional Effect.
129.316 Conditional effect. Sec. 6. 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. History: 2012, Act 517, Eff. Apr. 1, 2013
Section 129.297 – Severability.
129.297 Severability. Sec. 7. If any provision, section, subsection, sentence, clause, phrase, or word of this act or its application to any person or circumstance is found to be invalid, illegal, unenforceable, or unconstitutional, the same is hereby declared to be severable and the balance of this legislation shall remain effective and functional notwithstanding such […]