Illinois General Assembly - Bill Status for HB1354

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Bill Status of HB1354 97th General Assembly

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Short Description: PROMPT PAYMENT-PRIME RATE

House Sponsors
Rep. Karen May

Last Action

Date	Chamber	Action
1/8/2013	House	Session Sine Die

Statutes Amended In Order of Appearance

30 ILCS 540/3-2

Synopsis As Introduced
Amends the State Prompt Payment Act. Provides that, for any bill not paid by the State within 60 days of receipt, an interest penalty equal to the prime commercial rate of interest (rather than 1.0% for any bill other than a bill submitted under Article V of the Illinois Public Aid Code and 2% for any bill submitted under Article V of the Illinois Public Aid Code) on any amount approved and unpaid shall be added for each month or fraction thereof after the end of the 60-day period. Defines "prime commercial rate". Effective immediately.

House Committee Amendment No. 1
Replaces everything after the enacting clause. Amends the State Prompt Payment Act. Provides that, for any bill not paid by the State within 60 days of receipt, an interest penalty shall be applied to any amount approved and unpaid, beginning on the first day after the 60-day period, until final payment is made. Provides that interest shall be calculated as the average prime commercial rate plus a certain percentage and shall be applied to the unpaid portion of the bill at the rate of 1/360th for each day the payment remains due and unpaid. Defines "average prime commercial rate". Effective July 1, 2011.

Actions

Date	Chamber	Action
2/9/2011	House	Filed with the Clerk by Rep. Karen May
2/9/2011	House	First Reading
2/9/2011	House	Referred to Rules Committee
2/14/2011	House	Assigned to State Government Administration Committee
3/15/2011	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Karen May
3/15/2011	House	House Committee Amendment No. 1 Referred to Rules Committee
3/16/2011	House	House Committee Amendment No. 1 Rules Refers to State Government Administration Committee
3/16/2011	House	House Committee Amendment No. 1 Adopted in State Government Administration Committee; by Voice Vote
3/16/2011	House	Remains in State Government Administration Committee
3/17/2011	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2013	House	Session Sine Die

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