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Full Text of SB3052  100th General Assembly

SB3052sam001 100TH GENERAL ASSEMBLY

Sen. John G. Mulroe

Filed: 4/13/2018

 

 


 

 


 
10000SB3052sam001LRB100 19273 JLS 38161 a

1
AMENDMENT TO SENATE BILL 3052

2    AMENDMENT NO. ______. Amend Senate Bill 3052 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Contractor Prompt Payment Act is amended by
5adding Section 20 as follows:
 
6    (815 ILCS 603/20 new)
7    Sec. 20. Retainage. No construction contract may permit
8the withholding of retainage from any payment in excess of the
9amounts permitted in this Section. A construction contract may
10provide for the withholding of retainage of up to 10% of any
11payment made prior to the completion of 50% of the contract.
12When a contract is 50% complete, retainage withheld shall be
13reduced so that no more than 5% is held. After the contract is
1450% complete, no more than 5% of the amount of any subsequent
15payments made under the contract may be held as retainage.
 

 

 

10000SB3052sam001- 2 -LRB100 19273 JLS 38161 a

1    Section 99. Effective date. This Act takes effect upon
2becoming law.".