Bill Amendment: IL SB3052 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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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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Sen. John G. Mulroe

Filed: 4/13/2018

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AMENDMENT TO SENATE BILL 3052
AMENDMENT NO. ______. Amend Senate Bill 3052 by replacing
everything after the enacting clause with the following:
"Section 5. The Contractor Prompt Payment Act is amended by
adding Section 20 as follows:
(815 ILCS 603/20 new)
Sec. 20. Retainage. No construction contract may permit
the withholding of retainage from any payment in excess of the
amounts permitted in this Section. A construction contract may
provide for the withholding of retainage of up to 10% of any
payment made prior to the completion of 50% of the contract.
When a contract is 50% complete, retainage withheld shall be
reduced so that no more than 5% is held. After the contract is
50% complete, no more than 5% of the amount of any subsequent
payments made under the contract may be held as retainage.

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Section 99. Effective date. This Act takes effect upon
becoming law.".