ST PROMPT PAYMENT ACT-PENALTY Senate SponsorsSen. Dan Cronin-Dale A. Righter and Richard J. Winkel, Jr.-James T. Meeks House Sponsors(Rep. Robert S. Molaro-Kathleen A. Ryg-Brandon W. Phelps-Naomi D. Jakobsson-Kevin Joyce, Charles A. Hartke, Michael K. Smith, Robert Rita, William J. Grunloh and David E. Miller) 1/11/2005SenateSession Sine Die 30 ILCS 540/8 newAmends the State Prompt Payment Act. Provides that if a State official or agency is late in payment of a vendor's bill or invoice for goods or services furnished to the State and the vendor is forced to borrow money to make up for the late payment from the State, in addition to any other payment the State is required to make to the vendor, the State must pay the vendor an amount equal to the vendor's debt service costs related to the money the vendor borrowed as a result of the late payment. Senate Committee Amendment No. 1 Provides that the requirement that the State pay a vendor's debt service costs as a result of late payment by the State only applies if the State official or agency is more than 60 days late in payment. Provides that the vendor's debt service costs can be no greater than the prime rate less any interest penalties the State is required to make to the vendor under other provisions of the State Prompt Payment Act. 2/5/2003SenateFiled with Secretary by Sen. Dan Cronin 2/5/2003SenateFirst Reading 2/5/2003SenateReferred to Rules 2/26/2003SenateAssigned to State Government 3/6/2003SenateHeld in State Government 3/11/2003SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Dan Cronin 3/11/2003SenateSenate Committee Amendment No. 1 Referred to Rules 3/12/2003SenateSenate Committee Amendment No. 1 Rules Refers to State Government 3/12/2003SenateSenate Committee Amendment No. 1 Adopted 3/13/2003SenateDo Pass as Amended State Government; 009-000-000 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/21/2003SenateAdded as Chief Co-Sponsor Sen. Dale A. Righter 3/21/2003SenateSecond Reading 3/21/2003SenatePlaced on Calendar Order of 3rd Reading March 24, 2003 4/3/2003SenateAdded as Co-Sponsor Sen. Richard J. Winkel, Jr. 4/3/2003SenateAdded as Chief Co-Sponsor Sen. James T. Meeks 4/3/2003SenateThird Reading - Passed; 057-001-000 4/3/2003HouseArrived in House 4/3/2003HousePlaced on Calendar Order of First Reading 4/4/2003HouseChief House Sponsor Rep. Robert S. Molaro 4/4/2003HouseFirst Reading 4/4/2003HouseReferred to Rules Committee 4/8/2003HouseAssigned to Executive Committee 4/10/2003HouseAdded Alternate Chief Co-Sponsor Rep. Kathleen A. Ryg 4/14/2003HouseAdded Alternate Chief Co-Sponsor Rep. Brandon W. Phelps 4/14/2003HouseAdded Alternate Chief Co-Sponsor Rep. Naomi D. Jakobsson 4/14/2003HouseAdded Alternate Chief Co-Sponsor Rep. Kevin Joyce 4/14/2003HouseAdded Alternate Co-Sponsor Rep. Charles A. Hartke 4/14/2003HouseAdded Alternate Co-Sponsor Rep. Michael K. Smith 5/2/2003HouseRule 19(a) / Re-referred to Rules Committee 5/13/2003HouseAdded Alternate Co-Sponsor Rep. Robert Rita 5/14/2003HouseAdded Alternate Co-Sponsor Rep. William J. Grunloh 5/14/2003HouseAdded Alternate Co-Sponsor Rep. David E. Miller 1/11/2005SenateSession Sine Die