IL SB2906

Increases annual fee paid by contractors awarded state contracts of $1,000 or more from $15 to $50 per year to fund the Business Enterprise Program for minorities, women, and persons with disabilities.

Transfers administration of certain Minority Contractor Opportunity Initiative functions from the Comptroller to the Department of Central Management Services, including outreach and education to minority-owned and women-owned businesses.

Requires agencies to provide executed contracts to the Business Enterprise Council Secretary within 14 days of execution and prohibits work commencement until submission is complete.

Establishes prompt payment requirements for contractors to pay subcontractors and material suppliers within 30 days of receiving state payment, with 15% monthly interest penalties for late payment and administrative hearing procedures for disputes.

Creates the Business Enterprise Program Fund as a special state treasury fund to receive contract fees and support program operations by the Department of Central Management Services.