HB5814 Summary

• Budget documents must include separate line items for estimated costs under the State Prompt Payment Act and Illinois Insurance Code Sections 368a and 370a beginning fiscal year 2019.

• Governor's annual economic and fiscal policy report must estimate and project late interest penalties under the State Prompt Payment Act and Illinois Insurance Code interest penalties for the upcoming fiscal year and four following years.

• Interest penalties under the State Prompt Payment Act cannot be paid when a Chief Procurement Officer has voided an underlying contract or when the Auditor General is conducting an audit and the Comptroller is reviewing related contracts or vouchers.

• Interest shall not accrue during the pendency of an Auditor General's performance or program audit review.