MN SF841

Requires retainage (money reserved from progress payments) on building and construction contracts to be held in an interest-bearing escrow or trust account with a Minnesota bank or trust company

Limits retainage to a maximum of five percent of each progress payment unless the contract specifies otherwise

Mandates release of all retained funds plus accrued interest within 30 days after substantial completion of work to the persons from whom retainage was reserved

Defines "substantial completion" as the point when work is sufficiently completed so the owner can occupy or use it for the intended purpose

Excludes contracts for professional services as defined in Minnesota Statutes sections 326.02 to 326.15