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IL HB5790

Bill

Official Source

Status

Introduced

8/18/2022

Primary Sponsor

Eva Dina Delgado

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Reduces maximum retainage withholding from 10% to 5% on public construction contract payments made before the contract reaches 50% completion.
  • Reduces retainage held at 50% contract completion from 5% to 1% of the original withheld amount.
  • Limits retainage to 1% (reduced from 5%) on all subsequent payments after the contract reaches 50% completion.
  • Amends Section 20 of the Contractor Prompt Payment Act (815 ILCS 603/20).

Legislative Description

CONTRACT PROMPT PAYMENT

Last Action

Referred to Rules Committee

11/16/2022

Committee Referrals

Rules11/16/2022

Full Bill Text

No bill text available