IL SB1832

Amends the Mechanics Lien Act to require retainage withheld from contractors and subcontractors in construction contracts be held in trust, except for contracts with retainage of 5% or less.

Mandates separate accounting records be maintained for each person's trust funds, but does not require funds be deposited into separate bank accounts.

Prohibits any person from knowingly retaining or using trust funds for purposes other than paying the contractors and subcontractors from whom the retainage was withheld.

Imposes liability on violators for all damages sustained, including interest at 10% per annum and reasonable attorney's fees for those who successfully enforce their rights under this section.