Rep. Patrick J. Verschoore
Filed: 3/19/2013
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| 1 | AMENDMENT TO HOUSE BILL 1227
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| 2 | AMENDMENT NO. ______. Amend House Bill 1227 as follows:
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| 3 | on 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 | ||||||
| 9 | on page 1, line 8, by replacing "(a)" with "(b)"; and | ||||||
| 10 | on page 2, by replacing lines 18 through 20 with the following: | ||||||
| 11 | "(c) Retained funds shall be placed in an escrow account | ||||||
| 12 | with interest accruing to the contractor. Retainage and | ||||||
| 13 | interest are paid to the contractor upon final completion and | ||||||
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| 1 | acceptance of the work. This subsection (c) shall not apply to | ||||||
| 2 | a telecommunications carrier as defined in Section 13-202 of | ||||||
| 3 | the Public Utilities Act, or any of its affiliates.".
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