Illinois General Assembly - Full Text of SB3052
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Full Text of SB3052  100th General Assembly

SB3052 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3052

 

Introduced 2/15/2018, by Sen. John G. Mulroe

 

SYNOPSIS AS INTRODUCED:
 
815 ILCS 603/20 new

    Amends the Contractor Prompt Payment Act. Prohibits the withholding of a retainage from progress payments or final payments in excess of 5% of the payment. Effective immediately.


LRB100 19273 JLS 34539 b

 

 

A BILL FOR

 

SB3052LRB100 19273 JLS 34539 b

1    AN ACT concerning business.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
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; 5% limit. A provision in a construction
8contract that permits the withholding of retainage from a
9progress payment or final payment in an amount that exceeds 5%
10of that payment is against public policy and unenforceable.
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.