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