Illinois General Assembly - Bill Status for SB2729
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 Bill Status of SB2729  103rd General Assembly

Short Description:  GOVERNMENT CONTRACT RETAINAGE

Senate Sponsors
Sen. Willie Preston - Javier L. Cervantes - Ram Villivalam - Rachel Ventura - Mattie Hunter and Adriane Johnson

Last Action
DateChamber Action
  2/8/2024SenateTo Subcommittee on Procurement

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
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.

Actions 
DateChamber Action
  1/12/2024SenateFiled with Secretary by Sen. Ram Villivalam
  1/12/2024SenateFirst Reading
  1/12/2024SenateReferred to Assignments
  1/26/2024SenateChief Sponsor Changed to Sen. Willie Preston
  1/31/2024SenateAssigned to Executive
  2/8/2024SenateAdded as Chief Co-Sponsor Sen. Javier L. Cervantes
  2/8/2024SenateTo Subcommittee on Procurement
  2/8/2024SenateAdded as Chief Co-Sponsor Sen. Ram Villivalam
  2/20/2024SenateAdded as Co-Sponsor Sen. Rachel Ventura
  2/20/2024SenateSponsor Removed Sen. Rachel Ventura
  2/20/2024SenateAdded as Chief Co-Sponsor Sen. Rachel Ventura
  2/21/2024SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
  2/23/2024SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Willie Preston
  2/23/2024SenateSenate Committee Amendment No. 1 Referred to Assignments
  2/28/2024SenateSenate Committee Amendment No. 1 Assignments Refers to Executive
  3/7/2024SenateSenate Committee Amendment No. 1 To Subcommittee on Procurement
  3/15/2024SenateRule 2-10 Committee Deadline Established As April 5, 2024
  3/20/2024SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Willie Preston
  3/20/2024SenateSenate Committee Amendment No. 2 Referred to Assignments
  3/20/2024SenateSenate Committee Amendment No. 2 Assignments Refers to Executive
  3/21/2024SenateSenate Committee Amendment No. 3 Filed with Secretary by Sen. Willie Preston
  3/21/2024SenateSenate Committee Amendment No. 3 Referred to Assignments
  4/5/2024SenateRule 2-10 Committee Deadline Established As May 3, 2024
  4/9/2024SenateSenate Committee Amendment No. 3 Assignments Refers to Executive
  4/9/2024SenateAdded as Co-Sponsor Sen. Adriane Johnson
  4/10/2024SenateSenate Committee Amendment No. 2 To Subcommittee on Procurement
  4/10/2024SenateSenate Committee Amendment No. 3 To Subcommittee on Procurement
  4/12/2024SenateRule 2-10 Third Reading Deadline Established As May 3, 2024

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