MS SB2902

Requires contractors to obtain written authorization from all co-payees before negotiating any draft made payable to the contractor and other parties for materials, equipment, or labor.

Makes it a misdemeanor for a contractor to negotiate a draft without obtaining required endorsements or written authorization from all co-payees.

Imposes fines up to $500 per violation and requires courts to order full restitution to the owner, laborer, supplier, or equipment dealer entitled to payment.

Requires contractors to pay reasonable attorney's fees incurred by parties to whom restitution is ordered.

Effective date: July 1, 2012.