Public Act 1085 96TH GENERAL ASSEMBLY

SB3587 Enrolled LRB096 20720 RCE 36453 b

Public Act 096-1085

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The State Prompt Payment Act is amended by adding Section 3-2.5 as follows:

(30 ILCS 540/3-2.5 new)

Sec. 3-2.5. Advance payment reimbursement and interest. If a vendor provides goods or services to an individual and requires that individual to pay all or part of the cost of the goods or services in advance of the vendor being paid for those goods or services by the State, then the amount of the individual's advance payment, and any interest under this Act attributable to the advance payment, that is paid by the State to the vendor is the property of the individual and, to the extent received by the vendor, must be promptly disbursed by the vendor to that individual.

Effective Date: 1/1/2011