LOCAL PROMPT PAY-RETAINAGE House SponsorsRep. Timothy L. Schmitz 4/16/2008HouseTabled 50 ILCS 505/3from Ch. 85, par. 5603 Amends the Local Government Prompt Payment Act. Provides that it is unlawful to withhold more than 5% retainage from payments earned by contractors and subcontractors for goods and services. Prohibits retainage if a payment bond has been furnished. Effective immediately.House Amendment No. 1 Provides that, for goods or services under a construction contract (instead of all goods or services furnished under the Local Government Prompt Payment Act), it is unlawful to withhold more than 5% retainage from payments earned by contractors and subcontractors. Provides that retainage must be reduced to an amount not to exceed 2.5% upon completion of 50% of the work under the contract. 2/6/2008HouseFiled with the Clerk by Rep. Timothy L. Schmitz 2/6/2008HouseFirst Reading 2/6/2008HouseReferred to Rules Committee 2/22/2008HouseAssigned to Local Government Committee 3/5/2008HouseHouse Amendment No. 1 Filed with Clerk by Local Government Committee 3/5/2008HouseHouse Amendment No. 1 Adopted in Local Government Committee; by Voice Vote 3/5/2008HouseRemains in Local Government Committee 3/14/2008HouseRule 19(a) / Re-referred to Rules Committee 4/15/2008HouseMotion Filed - Table Bill/Resolution Pursuant to Rule 60(b) Rep. Timothy L. Schmitz 4/16/2008HouseMotion Prevailed 4/16/2008HouseTabled