Synopsis As Introduced Amends the Contractor Prompt Payment Act. Prohibits the withholding of a retainage from progress payments or final payments in excess of 5% of the payment. Effective immediately.
Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Amends the Contractor Prompt Payment Act. Provides that a retainage of 10% of the payment may be withheld from a payment under a construction contract prior to the completion of 50% of the contract. Provides that after 50% of the contract is completed, the amount of retainage for any subsequent payment may not exceed 5%. Effective immediately.
Judicial Note (Admin Office of the Illinois Courts)
This bill would neither increase nor decrease the number of judges needed in the State of Illinois.
Correctional Note (Dept of Corrections)
There is no corrections population impact or fiscal impact to the Department of Corrections.
Fiscal Note (Dept. of Revenue)
This bill will have no impact on State tax revenues, nor will this bill affect the Department of Revenue's operations
Home Rule Note (Dept. of Commerce & Economic Opportunity)
This bill does not pre-empt home rule authority.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)