Rep. Patrick J. Verschoore
Filed: 3/19/2013
 
 

 

 

 
09800HB1227ham001LRB098 02941 MLW 42596 a



1
AMENDMENT TO HOUSE BILL 1227 




2    AMENDMENT NO. ______. Amend House Bill 1227 as follows:


 
3on page 1, below line 7, by inserting the following:
 
4    "(a) Definitions. For the purposes of this Section:
5        "Retainage" or "retained funds" means a sum of money 
6    earned by a contractor or subcontractor for satisfactory 
7    work but withheld until the contract, or a certain portion 
8    of the contract, is complete."; and
 
9on page 1, line 8, by replacing "(a)" with "(b)"; and
 
10on page 2, by replacing lines 18 through 20 with the following:
 
11    "(c) Retained funds shall be placed in an escrow account 
12with interest accruing to the contractor. Retainage and 
13interest are paid to the contractor upon final completion and 
 
 
09800HB1227ham001- 2 -LRB098 02941 MLW 42596 a

1acceptance of the work. This subsection (c) shall not apply to 
2a telecommunications carrier as defined in Section 13-202 of 
3the Public Utilities Act, or any of its affiliates.".