H.B. No. 68 Summary

• Private owners must pay contractors within 30 days of receiving a written payment request for properly performed work or furnished materials under contracts created after the bill's effective date.

• If payment is not made timely, private owners must pay 18% annual interest on the unpaid amount beginning on the 31st day after the payment request is received.

• Contractors must pay subcontractors and material suppliers within 10 calendar days of receiving payment from the owner, and subcontractors must similarly pay lower-tier subcontractors and suppliers within 10 days, with the same 18% annual interest penalty for late payment.

• A person owed payment may file a civil action to recover the unpaid amount plus interest after 30 days of non-payment, and courts must award reasonable attorney fees and court costs to the prevailing party unless the court determines such fees would be inequitable.

• The bill does not apply to construction or improvement of single-, two-, or three-family detached dwelling houses, and provisions regarding interest, attorney fees, and court costs cannot be waived by contract.