2023 Michigan Compiled Laws › Chapter 15 - Public Officers and Employees › Act 288 of 2008 - Legal Defense Fund Act (15.521 - 15.539) › Section 15.527 - Transaction Report.

15.527 Transaction report.
Sec. 7.
(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.
History:
2008, Act 288, Imd. Eff. Oct. 6, 2008