Date	Chamber	Action
1/9/2007	Senate	Session Sine Die

Statutes Amended In Order of Appearance

50 ILCS 505/3.5 new

50 ILCS 505/8 new

50 ILCS 505/9

from Ch. 85, par. 5609

Synopsis As Introduced
Amends the Local Government Prompt Payment Act to authorize construction related contracts covered by the Act to include retainage provisions. Sets forth certain conditions for these retainage provisions. Provides that if the local government entity fails to pay any invoice within 30 days of approval or fails to approve or disapprove the invoice within the time required to approve or disapprove a bill, plus an additional 30 days, the contractor and subcontractors not paid may suspend performance under the construction contract or subcontracts without penalty until the overdue payment or payments are made. Sets forth that interest payments received pursuant this Act shall be disbursed to subcontractors and material suppliers to whom payment has been delayed on a pro rata basis. Authorizes contractors, subcontractors, and material suppliers to recover the interest payable under this Act in any action pursuant to Section 23 of the Mechanics Lien Act or pursuant to the Public Construction Bond Act.

Actions 

Date	Chamber	Action
1/20/2006	Senate	Filed with Secretary by Sen. Terry Link
1/20/2006	Senate	First Reading
1/20/2006	Senate	Referred to Rules
1/9/2007	Senate	Session Sine Die

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