HI HB274

Requires contractors to pay subcontractors within 30 days of receiving an invoice for services rendered, unless a different payment schedule is agreed to in writing.

Imposes compounding interest at 2 percent per week on any amounts owed to subcontractors if payment is not made within 45 days of the invoice date.

Prohibits contractors from delaying or withholding subcontractor payments even if the contractor's own payment from the project owner, municipality, or financial institution is delayed or withheld.

Requires retention amounts withheld from subcontractor payments to be paid promptly upon successful project completion and resolution of all contractual obligations.

Allows subcontractors to pursue civil claims against contractors for violation of these provisions and requires contractors to pay reasonable attorney fees, documented financial penalties, and accrued loan interest incurred by the subcontractor as a result of late payment.