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SB3587 Engrossed |
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LRB096 20720 RCE 36453 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The State Prompt Payment Act is amended by |
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| adding Section 3-2.5 as follows:
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| (30 ILCS 540/3-2.5 new) |
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| Sec. 3-2.5. Advance payment reimbursement and interest. If |
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| a vendor provides goods or services to an individual and |
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| requires that individual to pay all or part of the cost of the |
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| goods or services in advance of the vendor being paid for those |
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| goods or services by the State, then the amount of the |
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| individual's advance payment, and any interest under this Act |
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| attributable to the advance payment, that is paid by the State |
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| to the vendor is the property of the individual and, to the |
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| extent received by the vendor, must be promptly disbursed by |
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| the vendor to that individual.
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