HB5224 Summary

• Removes employee addresses from the State employee list maintained by the Comptroller, requiring only names, positions, and total salary to be listed.

• Changes the interest penalty calculation for late State payments from "1.0% for each month or fraction thereof" to "1.0% per month or 0.0033% (1/30%) for each day" for bills approved but unpaid after 90 days.

• Applies the new daily interest calculation to State fiscal year 2012 and future fiscal years for any approved bill not paid within 90 days of receipt.

• Maintains existing exceptions for interest payment thresholds, including the $5 minimum payment requirement and $50 accrual threshold.

• Takes effect immediately upon becoming law.