Illinois General Assembly - Bill Status for SB0688

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Bill Status of SB0688 102nd General Assembly

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Short Description: FINANCE-PROMPT PAYMENT

Senate Sponsors
Sen. Laura M. Murphy, Jason Plummer and Rachelle Crowe

Last Action

Date	Chamber	Action
1/10/2023	Senate	Session Sine Die

Statutes Amended In Order of Appearance

30 ILCS 540/3-2

Synopsis As Introduced
Amends the State Prompt Payment Act. Provides that by July 1, 2021, and by July 1 of each year thereafter, the State Comptroller shall determine the prompt payment interest rate for the fiscal year beginning on that July 1. Provides that any bill approved for payment on or after July 1, 2021 must be paid or the payment issued to the payee within 90 days of receipt of a proper bill or invoice. Provides that if payment is not issued to the payee within this 90-day period, an interest penalty calculated using the prompt payment interest rate shall be added for each month or fraction thereof after the end of this 90-day period until final payment is made. Provides for the prompt payment interest rate under the applicable provisions. Makes conforming and other changes. Effective immediately.

Actions

Date	Chamber	Action
2/25/2021	Senate	Filed with Secretary by Sen. Laura M. Murphy
2/25/2021	Senate	First Reading
2/25/2021	Senate	Referred to Assignments
3/9/2021	Senate	Assigned to State Government
3/17/2021	Senate	Do Pass State Government; 008-000-000
3/17/2021	Senate	Placed on Calendar Order of 2nd Reading March 23, 2021
4/13/2021	Senate	Added as Co-Sponsor Sen. Jason Plummer
4/20/2021	Senate	Added as Co-Sponsor Sen. Rachelle Crowe
4/23/2021	Senate	Rule 3-9(a) / Re-referred to Assignments
1/10/2023	Senate	Session Sine Die

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