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 Bill Status of SB2202  100th General Assembly


Short Description:  PROMPT PAY-INTEREST RATE

Senate Sponsors
Sen. Dan McConchie - Kyle McCarter

Last Action
DateChamber Action
  5/19/2017SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
30 ILCS 540/3-2


Synopsis As Introduced
Amends the State Prompt Payment Act. Provides that for State fiscal year 2018 and future fiscal years, any bill approved for payment under this Section must be paid or the payment issued to the payee within 90 days of receipt of a proper bill or invoice. Provides that if payment is not issued to the payee within this 90-day period, an interest penalty of 0.3% (currently, 1%) of any amount approved and unpaid shall be added for each month, or 0.01% (currently, 0.033%) of any amount approved and unpaid for each day, after the end of this 90-day period, until final payment is made. Makes conforming changes.

Actions 
DateChamber Action
  4/27/2017SenateFiled with Secretary by Sen. Dan McConchie
  4/27/2017SenateFirst Reading
  4/27/2017SenateReferred to Assignments
  4/28/2017SenateAdded as Chief Co-Sponsor Sen. Kyle McCarter
  5/2/2017SenateRule 2-10 Committee Deadline Established As May 12, 2017
  5/2/2017SenateAssigned to Executive
  5/15/2017SenatePostponed - Executive
  5/19/2017SenateRule 3-9(a) / Re-referred to Assignments

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