State management: purchasing; divestment from terror act; expand to include certain countries. Amends secs. 2, 10 & 11 of 2008 PA 234 (MCL 129.292 et seq.).

HB 5058 expands Michigan's "Divestment from Terror Act" to require state fiduciaries (like retirement fund managers) to divest from companies with significant business ties to Russia, Iran, and North Korea, which are newly designated as "state sponsors of terror." The bill defines "scrutinized companies" as those earning over 10% of revenue from these nations or making large investments (≥$20 million) that support them, unless they take "substantial action" to cease such ties within a year. It exempts companies providing humanitarian aid (e.g., food, medicine) in these countries. This applies to state funds managing retirement systems, public school employees' pensions, and other state-managed accounts. The law takes effect immediately for Russia, Iran, and North Korea upon enactment.