HI HB274

Requires contractors to pay subcontractors within 30 days of receiving an invoice, unless a different timeline is agreed upon in writing

Imposes compounding interest of 2% per week on unpaid amounts if payment is delayed beyond 45 days from the invoice date

Prohibits contractors from delaying or withholding payment to subcontractors even if the contractor's own payment from project owners or funders is delayed

Requires contractors to carry subcontractor default insurance and mandates that retention amounts be paid promptly upon project completion

Allows subcontractors to pursue civil claims against non-compliant contractors and recover attorney fees, financial penalties incurred due to late payment, and accrued interest on loans they could not repay