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 Bill Status of SB1832  100th General Assembly


Short Description:  MECHANICS LIEN-RETAINAGE TRUST

Senate Sponsors
Sen. John G. Mulroe - Linda Holmes

Last Action
DateChamber Action
  8/4/2017SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments

Statutes Amended In Order of Appearance
770 ILCS 60/21.03 new


Synopsis As Introduced
Amends the Mechanics Lien Act. Provides that all moneys withheld as retainage from payments made to any contractor or subcontractor under any construction contract, except those contracts that provide for retainage of 5% or less, shall be held in trust for the benefit of the contractors and subcontractors from whom the retainage has been withheld. Provides that separate records of account shall be kept for each person for whom trust funds are held, and trust funds are not required to be deposited into a separate bank account solely for that purpose as long as trust funds are not expended in a prohibited manner. Provides that any person who knowingly retains or uses the moneys held in trust for any purpose other than to pay those for whom the moneys are held is liable for all damages sustained, including interest at 10% per annum and reasonable attorney's fees.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. John G. Mulroe
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments
  2/16/2017SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  2/28/2017SenateAssigned to Judiciary
  3/8/2017SenatePostponed - Judiciary
  3/15/2017SenateDo Pass Judiciary; 011-000-000
  3/15/2017SenatePlaced on Calendar Order of 2nd Reading March 16, 2017
  8/4/2017SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments

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