Illinois House Bill 4458 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on February 3 2020 - 25% progression, died in committee
Action: 2020-02-03 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the State Prompt Payment Act. Provides that for State fiscal year 2021 and future fiscal years, any bill approved for payment under provisions concerning late payment interest must be paid or the payment issued to the payee within 90 days of receipt of a proper bill or invoice. Provides that if payment is not issued to the payee within this 90-day period, an interest penalty of 0.3% (currently, 1%) of any amount approved and unpaid shall be added for each month, or 0.01% (currently, 0.033%) of any amount approved and unpaid for each day, after the end of this 90-day period, until final payment is made. Makes conforming changes.

PROMPT PAY-INTEREST RATE

Rep. Allen Skillicorn [R]

Date	Chamber	Action
2020-02-03	House	Referred to Rules Committee
2020-02-03	House	First Reading
2020-02-03	House	Filed with the Clerk by Rep. Allen Skillicorn

Chapter	Article	Section	Citation Type	Statute Text
30	540	3-2	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4458&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB4458.htm