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Full Text of SB3587  96th General Assembly

SB3587enr 96TH GENERAL ASSEMBLY



 


 
SB3587 Enrolled LRB096 20720 RCE 36453 b

1     AN ACT concerning finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The State Prompt Payment Act is amended by
5 adding Section 3-2.5 as follows:
 
6     (30 ILCS 540/3-2.5 new)
7     Sec. 3-2.5. Advance payment reimbursement and interest. If
8 a vendor provides goods or services to an individual and
9 requires that individual to pay all or part of the cost of the
10 goods or services in advance of the vendor being paid for those
11 goods or services by the State, then the amount of the
12 individual's advance payment, and any interest under this Act
13 attributable to the advance payment, that is paid by the State
14 to the vendor is the property of the individual and, to the
15 extent received by the vendor, must be promptly disbursed by
16 the vendor to that individual.