SB 631 - This act creates the entrepreneurial development council within the Department of Economic Development. The council will consist of seven board members from business and legal experts in the area of intellectual property. The council will evaluate and register intellectual property within the state. Once registered, intellectual property will be protected for a period of three years. If protected intellectual property rights are infringed upon, the council will forward the complaint to the Attorney General upon notice from an aggrieved party. The attorney general will review claims and, if necessary, seek a fine. At the option of an aggrieved party, the attorney general may provide a contract to a party alleged to have infringed upon protected intellectual property rights settling the dispute without further legal action. The Attorney General is provided with enforcement powers with regard to alleged intellectual property rights infringements. Any awards granted by a court for alleged intellectual property rights infringements will be shared by the aggrieved party, the entrepreneurial development council, the attorney general, and depending upon the amount of the award, the school districts of this state.