Bill Text: IL SB3052 | 2017-2018 | 100th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB3052 Introduced 2/15/2018, by Sen. John G. Mulroe SYNOPSIS AS INTRODUCED:
815 ILCS 603/20 new
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.
LRB100 19273 JLS 34539 b
A BILL FOR
SB3052 LRB100 19273 JLS 34539 b
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Contractor Prompt Payment Act is amended by
adding Section 20 as follows:
(815 ILCS 603/20 new)
Sec. 20. Retainage; 5% limit. A provision in a construction
contract that permits the withholding of retainage from a
progress payment or final payment in an amount that exceeds 5%
of that payment is against public policy and unenforceable.
Section 99. Effective date. This Act takes effect upon
becoming law.