Bill Amendment: IL HB4418 | 2023-2024 | 103rd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: GOVERNMENT CONTRACT RETAINAGE

Status: 2024-04-19 - Rule 19(a) / Re-referred to Rules Committee [HB4418 Detail]

Download: Illinois-2023-HB4418-House_Amendment_003.html

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Rep. William "Will" Davis

Filed: 3/21/2024

10300HB4418ham003 LRB103 36028 AWJ 71136 a
AMENDMENT TO HOUSE BILL 4418
AMENDMENT NO. ______. Amend House Bill 4418 by replacing
everything after the enacting clause with the following:
"Section 1. Short title. This Act may be cited as the
Government Contract Retainage Act.
Section 5. Definitions. As used in this Act:
"Governmental unit" means a State agency or a unit of
local government.
"State agency" has the meaning given to "state agencies"
in Section 1-7 of the Illinois State Auditing Act.
"Retainage" means a portion of money withheld from the
payment of a contract for a specified period of time to ensure
that a contractor or subcontractor finishes a construction
project completely and finishes in the manner specified in the
contract.

10300HB4418ham003 - 2 - LRB103 36028 AWJ 71136 a
Section 10. Retained funds. All governmental units shall
deposit all retainage into an interest-bearing escrow account
and the moneys in the escrow account and all interest shall be
divided up between the contractor and subcontractors
proportionally.