Bill Text: IL HB1227 | 2013-2014 | 98th General Assembly | Amended

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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. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1227 Detail]

Download: Illinois-2013-HB1227-Amended.html

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Rep. Patrick J. Verschoore

Filed: 3/19/2013

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AMENDMENT TO HOUSE BILL 1227
AMENDMENT NO. ______. Amend House Bill 1227 as follows:
on page 1, below line 7, by inserting the following:
"(a) Definitions. For the purposes of this Section:
"Retainage" or "retained funds" means a sum of money
earned by a contractor or subcontractor for satisfactory
work but withheld until the contract, or a certain portion
of the contract, is complete."; and
on page 1, line 8, by replacing "(a)" with "(b)"; and
on page 2, by replacing lines 18 through 20 with the following:
"(c) Retained funds shall be placed in an escrow account
with interest accruing to the contractor. Retainage and
interest are paid to the contractor upon final completion and

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acceptance of the work. This subsection (c) shall not apply to
a telecommunications carrier as defined in Section 13-202 of
the Public Utilities Act, or any of its affiliates.".