Bill 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.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO INFRASTRUCTURE AND CAPITAL INVESTMENT [S01217 Detail]

Text: Latest bill text (Introduced) [HTML]

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