SB1472 Summary

• State agencies must pay vendor bills or invoices within 60 days of receipt, or pay 1.0% monthly interest penalty on unpaid approved amounts until final payment is made.

• State agencies must review bills timely after receipt and notify vendors of any defects as soon as possible; construction-related bills must receive defect notice within 30 days of submission.

• When construction-related bills have some items disapproved but others approved, the approved portion must still be paid.

• State agencies must automatically pay all interest penalties owed to vendors without minimum dollar thresholds, removing previous requirements for vendor requests on smaller penalties.

• Effective date: July 1, 2009.