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: (Vetoed) 2018-11-13 - Placed Calendar Total Veto November 14, 2018 [SB3052 Detail]

Download: Illinois-2017-SB3052-Introduced.html


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

SB3052LRB100 19273 JLS 34539 b
1 AN ACT concerning business.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Contractor Prompt Payment Act is amended by
5adding Section 20 as follows:
6 (815 ILCS 603/20 new)
7 Sec. 20. Retainage; 5% limit. A provision in a construction
8contract that permits the withholding of retainage from a
9progress payment or final payment in an amount that exceeds 5%
10of that payment is against public policy and unenforceable.
11 Section 99. Effective date. This Act takes effect upon
12becoming law.
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