Bill Sponsors: IL SB2729 | 2023-2024 | 103rd General Assembly
Bill Title: Creates the Government Contract Retainage Act. Defines terms, including that "retainage" means a portion of money withheld from the payment of a contract for a specified period of time to ensure that a contractor or subcontractor finishes a construction project completely and finishes in the manner specified in the contract. Provides that interest shall accrue monthly on the first day of each month on retainage withheld by a governmental unit at a specified rate set by the State Treasurer. Requires retainage withheld by a governmental unit to be paid not more than 60 days after being retained, including interest accrued, unless the retainage was withheld on the last pay period of a project shall, which shall be paid not more than 120 days after being retained. Limits the concurrent exercise of home rule powers.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced) 2024-05-03 - Rule 2-10 Committee/3rd Reading Deadline Established As May 17, 2024 [SB2729 Detail]
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced) 2024-05-03 - Rule 2-10 Committee/3rd Reading Deadline Established As May 17, 2024 [SB2729 Detail]
Text: Latest bill text (Introduced) [HTML]
Sponsors
Name | Type | Sponsorship | District | Financial | Encyclopedia | Biography |
---|---|---|---|---|---|---|
Senator Willie Preston [D] | Primary | Sponsored Bills | SD-016 | FollowTheMoney | Ballotpedia | VoteSmart |
Senator Javier Cervantes [D] | Cosponsor | Sponsored Bills | SD-001 | FollowTheMoney | Ballotpedia | VoteSmart |
Senator Ram Villivalam [D] | Cosponsor | Sponsored Bills | SD-008 | FollowTheMoney | Ballotpedia | VoteSmart |
Senator Rachel Ventura [D] | Cosponsor | Sponsored Bills | SD-043 | FollowTheMoney | Ballotpedia | VoteSmart |
Senator Mattie Hunter [D] | Cosponsor | Sponsored Bills | SD-003 | FollowTheMoney | Ballotpedia | VoteSmart |
Senator Adriane Johnson [D] | Cosponsor | Sponsored Bills | SD-030 | N/A | Ballotpedia | VoteSmart |