Michigan Laws 15.527 – Transaction report
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 15.527
- Contribution: means a payment, gift, subscription, assessment, expenditure, contract, payment for services, dues, advance, forbearance, loan, or donation of money or anything of ascertainable monetary value, or a transfer of anything of ascertainable monetary value to a person, made for or allocated to the purpose of defending an elected official in a criminal, civil, or administrative action that arises directly out of the conduct of the elected official's governmental duties. See Michigan Laws 15.523
- Elected official: means an individual who holds an elective office in state or local government in this state. See Michigan Laws 15.523
- Legal defense fund: means all contributions received, held, or expended for the legal defense of an elected official. See Michigan Laws 15.523
- Person: means a business, individual, proprietorship, firm, partnership, joint venture, syndicate, business trust, labor organization, company, corporation, association, committee, or any other organization or group of persons acting jointly. See Michigan Laws 15.523
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Treasurer: means the individual designated as responsible for a legal defense fund's record keeping, report preparation, or report filing or, in the absence of such an individual, the elected official who is the beneficiary of the legal defense fund. See Michigan Laws 15.523
(1) From the earlier of the date that a legal defense fund receives its first contribution or makes its first expenditure of a contribution until the date the elected official files a statement of dissolution under section 5, the treasurer of a legal defense fund shall file transaction reports according to the schedule in subsection (2). A transaction report shall disclose all of the following information:
(a) The legal defense fund’s name, address, and telephone number and the full name, residential and business addresses, and telephone numbers of the legal defense fund’s treasurer.
(b) The following information about each person from whom a contribution is received during the covered period:
(i) The person’s full name.
(ii) The person’s street address.
(iii) The amount contributed.
(iv) The date on which each contribution was received.
(v) The cumulative amount contributed by that person.
(vi) If the person is an individual whose cumulative contributions are more than $100.00, the person’s occupation, employer, and principal place of business.
(c) The following information itemized as to each expenditure from the legal defense fund that exceeds $50.00 and as to expenditures made to 1 person that cumulatively total $50.00 or more during a covered period:
(i) The amount of the expenditure.
(ii) The name and address of the person to whom the expenditure is made.
(iii) The purpose of the expenditure.
(iv) The date of the expenditure.
(2) Subject to subsections (3) and (4), the treasurer of a legal defense fund shall file a transaction report on or before each of the following dates covering the period beginning on the day after the closing date of the preceding transaction report and ending on the indicated closing date:
(a) January 25, with a closing date of December 31 of the previous year.
(b) April 25, with a closing date of March 31.
(c) July 25, with a closing date of June 30.
(d) October 25, with a closing date of September 30.
(3) The beginning date of the first transaction report required by this section shall be the date the first contribution is received by the legal defense fund.
(4) The treasurer of a legal defense fund shall file a final transaction report with its statement of dissolution under section 5. The final transaction report shall cover the period beginning on the day after the closing date of the preceding transaction report and ending on the latest date that the legal defense fund received a contribution, made an expenditure, or transferred unexpended funds and dissolved.
(5) A transaction report required by this section shall include a verification statement, signed by the treasurer for the legal defense fund and the elected official, stating that he or she used all reasonable diligence in preparing the report and that to his or her knowledge the statement is true and complete.
(6) A treasurer or other individual designated on the statement of organization as responsible for the legal defense fund’s record keeping, report preparation, or report filing shall keep detailed accounts, records, bills, and receipts as required to substantiate the information contained in a statement or report required under this act. The records of a legal defense fund shall be preserved for 5 years and shall be made available for inspection as authorized by the secretary of state. A treasurer who knowingly violates this subsection is subject to a civil fine of not more than $1,000.00.
(7) A treasurer or elected official who knowingly submits false information under this section is guilty of a misdemeanor punishable by imprisonment for not more than 180 days or a fine of not more than $5,000.00, or both.