Bill Amendment: IL SB3052 | 2017-2018 | 100th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: CONTRACT PROMPT PAY RETAINAGE
Status: 2018-11-28 - Total Veto Stands [SB3052 Detail]
Download: Illinois-2017-SB3052-Senate_Amendment_001.html
Bill Title: CONTRACT PROMPT PAY RETAINAGE
Status: 2018-11-28 - Total Veto Stands [SB3052 Detail]
Download: Illinois-2017-SB3052-Senate_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 3052
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2 | AMENDMENT NO. ______. Amend Senate Bill 3052 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Contractor Prompt Payment Act is amended by | ||||||
5 | adding Section 20 as follows:
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6 | (815 ILCS 603/20 new) | ||||||
7 | Sec. 20. Retainage. No construction contract may permit | ||||||
8 | the withholding of retainage from any payment in excess of the | ||||||
9 | amounts permitted in this Section. A construction contract may | ||||||
10 | provide for the withholding of retainage of up to 10% of any | ||||||
11 | payment made prior to the completion of 50% of the contract. | ||||||
12 | When a contract is 50% complete, retainage withheld shall be | ||||||
13 | reduced so that no more than 5% is held. After the contract is | ||||||
14 | 50% complete, no more than 5% of the amount of any subsequent | ||||||
15 | payments made under the contract may be held as retainage.
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1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.".
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