CONTRACTS-BUILD-PAYMENTS Senate SponsorsSen. Susan Garrett 1/11/2005SenateSession Sine Die New ActCreates the Building and Construction Contract Payment Act. Provides that, upon receipt of any payment, a contractor shall pay his or her subcontractors and material suppliers their application less any retention. Provides that, when the contractor receives less than the full price, he or she shall divide those funds between himself or herself, the subcontractors and material suppliers, pro rata. Provides that, when the owner does not pay the full amount under the contract due to the contractor's rejection of certain aspects of the work performed or materials provided, the specific subcontractors and material suppliers involved shall not be paid for the work or materials rejected, and all the others shall be paid in full. Provides that, if the contractor fails to make the payments within 15 days after receipt of payment under the contract, the amounts due shall be remitted with interest in the amount of 2% per month. Effective immediately.State Debt Impact Note (Economic and Fiscal Commission) This legislation would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness. 2/18/2003SenateFiled with Secretary by Sen. Susan Garrett 2/18/2003SenateFirst Reading 2/18/2003SenateReferred to Rules 2/19/2003SenateAssigned to Executive 3/6/2003SenatePostponed - Executive 3/13/2003SenateDo Pass Executive; 007-004-002 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/21/2003SenateSecond Reading 3/21/2003SenatePlaced on Calendar Order of 3rd Reading March 24, 2003 3/25/2003SenateState Debt Impact Note Filed 4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003. 7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 1/11/2005SenateSession Sine Die