Bill Title: Amends the Public Construction Bond Act. Provides that a local governmental unit may not withhold retainage of more than 5% from any payment to a contractor who furnishes the bond or bond substitute required by the Act and that the contractor and its subcontractors may not withhold retainage of more than 5% from their subcontractors. Defines "local governmental unit". Effective Immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2023-05-11 - Rule 3-9(a) / Re-referred to Assignments [SB0133 Detail]

Text: Latest bill text (Introduced) [HTML]

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