Bill Text: IL SB3052 | 2017-2018 | 100th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Contractor Prompt Payment Act. Prohibits the withholding of a retainage from progress payments or final payments in excess of 5% of the payment. Effective immediately.
Spectrum: Strong Partisan Bill (Democrat 18-1)
Status: (Failed) 2018-11-28 - Total Veto Stands [SB3052 Detail]
Download: Illinois-2017-SB3052-Introduced.html
Bill Title: Amends the Contractor Prompt Payment Act. Prohibits the withholding of a retainage from progress payments or final payments in excess of 5% of the payment. Effective immediately.
Spectrum: Strong Partisan Bill (Democrat 18-1)
Status: (Failed) 2018-11-28 - Total Veto Stands [SB3052 Detail]
Download: Illinois-2017-SB3052-Introduced.html
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1 | AN ACT concerning business.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Contractor Prompt Payment Act is amended by | |||||||||||||||||||
5 | adding Section 20 as follows:
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6 | (815 ILCS 603/20 new) | |||||||||||||||||||
7 | Sec. 20. Retainage; 5% limit. A provision in a construction | |||||||||||||||||||
8 | contract that permits the withholding of retainage from a | |||||||||||||||||||
9 | progress payment or final payment in an amount that exceeds 5% | |||||||||||||||||||
10 | of that payment is against public policy and unenforceable.
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11 | Section 99. Effective date. This Act takes effect upon | |||||||||||||||||||
12 | becoming law.
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