Illinois General Assembly - Full Text of HB4418

Home

Legislation & Laws

Senate

House

My Legislation

Site Map

Bills & Resolutions

Search By Number
(example: HB0001)

Search By Keyword

Full Text of HB4418 103rd General Assembly

Introduced
House Amendment 001 House Amendment 002 House Amendment 003
House Amendment 004
Printer-Friendly Version PDF Bill Status

HB4418ham003 103RD GENERAL ASSEMBLY
Rep. William "Will" Davis
Filed: 3/21/2024

10300HB4418ham003 LRB103 36028 AWJ 71136 a

1 AMENDMENT TO HOUSE BILL 4418
2     AMENDMENT NO. ______. Amend House Bill 4418 by replacing
3 everything after the enacting clause with the following:

4     "Section 1. Short title. This Act may be cited as the
5 Government Contract Retainage Act.

6     Section 5. Definitions. As used in this Act:
7     "Governmental unit" means a State agency or a unit of
8 local government.
9     "State agency" has the meaning given to "state agencies"
10 in Section 1-7 of the Illinois State Auditing Act.
11     "Retainage" means a portion of money withheld from the
12 payment of a contract for a specified period of time to ensure
13 that a contractor or subcontractor finishes a construction
14 project completely and finishes in the manner specified in the
15 contract.

10300HB4418ham003 - 2 - LRB103 36028 AWJ 71136 a

1     Section 10. Retained funds. All governmental units shall
2 deposit all retainage into an interest-bearing escrow account
3 and the moneys in the escrow account and all interest shall be
4 divided up between the contractor and subcontractors
5 proportionally.

6     Section 90. Home rule. A home rule unit may not regulate
7 retainage in a manner inconsistent with this Act. This Act is a
8 limitation under subsection (i) of Section 6 of Article VII of
9 the Illinois Constitution on the concurrent exercise by home
10 rule units of powers and functions exercised by the State.".

×