Comments: IL SB2202 | 2017-2018 | 100th General Assembly

Bill Title: 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.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2017-05-19 - Rule 3-9(a) / Re-referred to Assignments [SB2202 Detail]

Text: Latest bill text (Introduced) [HTML]

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