HB4601 Summary

• Amends the State Records Act to require delegate agencies maintaining records on behalf of other agencies to use the same or more diligent retention methodology and retention periods as the original agency, with exceptions for legislative and judicial branch delegates.

• Modifies the Comptroller's Records Act to remove the requirement that at least 2 witnesses sign certificates of destruction for warrants and records.

• Increases the contract filing threshold with the Comptroller from $10,000 to $20,000 and extends the filing deadline from 15 days to 30 days; requires electronic filing of contracts and grants beginning January 1, 2013, unless agencies lack necessary technology.

• Amends the State Prompt Payment Act to change interest penalties from 1.0% monthly to 0.0033% daily (or 1.0% monthly) for bills unpaid after 90 days in fiscal year 2012 and beyond.

• Requires financial reports filed by governmental units, counties, and municipalities to include the name of the purchasing agent overseeing competitively bid contracts.