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MN SF2691
Bill
Status
Introduced
3/14/2016
Primary Sponsor
Daniel Sparks
Click for details
AI Summary
- Amends Minnesota Statutes section 337.10, subdivision 4 to regulate retainages in building and construction contracts
- Removes the "unless the building and construction contract provides otherwise" language from the retainage provision, making the five percent retainage cap mandatory rather than optional
- Allows owners or their agents to reduce or eliminate retainage on monthly payments if work is progressing satisfactorily, at the owner's discretion
- Excludes professional services contracts (as defined in sections 326.02 to 326.15) from these retainage requirements
- Effective August 1, 2016, and applies only to contracts entered into on or after that date
Legislative Description
Building and construction contracts retainage regulation
Last Action
Author added Jensen
3/23/2016
Committee Referrals
Jobs, Agriculture and Rural Development3/14/2016
Full Bill Text
No bill text available