Bill Title: Amends the Contractor Prompt Payment Act. Provides that under a construction contract, it is unlawful to withhold more than 5% retainage on payments earned by contractors and subcontractors, and that upon completion of 50% of the work under the contract, retainage must be reduced to an amount not to exceed 2.5%. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2009-08-15 - Senate Committee Amendment No. 2 Re-referred to Assignments; Pursuant to Senate Rule 3-9(b). [HB0344 Detail]

Text: Latest bill text (Engrossed) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Louis Lang [D]	Sponsor	Sponsored Bills	HD-016	FollowTheMoney	Ballotpedia	VoteSmart

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