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 Bill Status of SB2255  100th General Assembly


Short Description:  PROMPT PAYMENT-INTEREST

Senate Sponsors
Sen. Laura M. Murphy

Last Action
DateChamber Action
  11/1/2017SenateReferred 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 bills approved for payment on or after July 1, 2018, the prompt payment interest rate for the fiscal year shall be the greater of (i) 3% or (ii) 2 times the percentage increase, if any, in the Consumer Price Index For All Urban Consumers during the 12-month period immediately preceding the first day of the fiscal year (currently, 1% generally and 2% for certain bills submitted under Article V of the Illinois Public Aid Code). Effective immediately.

Actions 
DateChamber Action
  11/1/2017SenateFiled with Secretary by Sen. Laura M. Murphy
  11/1/2017SenateFirst Reading
  11/1/2017SenateReferred to Assignments

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