IL SB2202 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on April 27 2017 - 25% progression
Action: 2017-05-19 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the State Prompt Payment Act. Provides that for State fiscal year 2018 and future fiscal years, any bill approved for payment under this Section 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.

Tracking Information

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Title

PROMPT PAY-INTEREST RATE

Sponsors


History

DateChamberAction
2017-05-19SenateRule 3-9(a) / Re-referred to Assignments
2017-05-15SenatePostponed - Executive
2017-05-02SenateAssigned to Executive
2017-05-02SenateRule 2-10 Committee Deadline Established As May 12, 2017
2017-04-28SenateAdded as Chief Co-Sponsor Sen. Kyle McCarter
2017-04-27SenateReferred to Assignments
2017-04-27SenateFirst Reading
2017-04-27SenateFiled with Secretary by Sen. Dan McConchie

Code Citations

ChapterArticleSectionCitation TypeStatute Text
305403-2Amended CodeCitation Text

Illinois State Sources


Bill Comments

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