Bill Title: Amends the Contractor Prompt Payment Act. Provides that a retainage of 10% of the payment may be withheld from a payment under a construction contract prior to the completion of 50% of the contract. Provides that after 50% of the contract is completed, the amount of retainage for any subsequent payment may not exceed 5%. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 11-2)

Status: (Passed) 2019-08-20 - Public Act . . . . . . . . . 101-0432 [SB1636 Detail]

Text: Latest bill text (Chaptered) [HTML]

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