NY A00488 | 2019-2020 | General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 9 2019 - 25% progression, died in committee
Action: 2020-01-08 - referred to economic development
Pending: Assembly Economic Development, Job Creation, Commerce and Industry Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 9 2019 - 25% progression, died in committee
Action: 2020-01-08 - referred to economic development
Pending: Assembly Economic Development, Job Creation, Commerce and Industry Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Provides for a reasonable amount of construction contract sum to be deposited in a separate interest bearing escrow account with a third party escrow agent; provides further that the owner shall be subject to the payment of interest, in addition to the escrow interest, at the rate of one percent per month and the contractor or subcontractor shall be subject to payment of interest on the amount of retainage it holds at the rate of one percent per month.
Title
Provides for a reasonable amount of construction contract sum to be deposited in a separate interest bearing escrow account with a third party escrow agent; provides further that the owner shall be subject to the payment of interest, in addition to the escrow interest, at the rate of one percent per month and the contractor or subcontractor shall be subject to payment of interest on the amount of retainage it holds at the rate of one percent per month.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2020-01-08 | Assembly | referred to economic development |
| 2019-01-09 | Assembly | referred to economic development |
Same As/Similar To
S07352 (Same As) 2020-01-21 - REFERRED TO CONSUMER PROTECTION
