The bills implementing Proposal 1 would require state officials and candidates for office to annually submit financial disclosure reports showing sources of income, properties owned and other assets valued at over $1,000 and liabilities valued over $10,000.
Financial disclosure laws
On Nov. 8, Michigan voters could make some big changes to how the Legislature functions with a constitutional amendment altering term limits and introducing rules for financial disclosures for some elected officials.
A ballot committee seeking to alter the state’s term limits laws and bolster financial transparency in the Legislature launched last week with the help of a bipartisan array of political leaders as well as business, labor and community leaders in the state.