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History
- Referred to finance
- Print number 802a
- Amend and recommit to finance
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for release of subcontractor's retainage held by a public owner or contractor sixty days after substantial completion of work
In Assembly Committee · Governmental Operations · Sponsor Michael Cusick
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the state finance law and the general municipal law, in relation to release of subcontractor's retainage
Purpose or general idea of bill
This bill amends the general municipal law and me state finance law to provide for an early release of retainage on public jobs.
Summary of specific provisions
Section 1 amends section 139-f (2) of the state finance law by adding the sentence, "Notwithstanding any other provision of this section or other law, any retainage held by a public owner or contractor representing retainage for a subcontractor's work shall be released no later than 60 days from the completion and acceptance by the public owner of the subcontractor's work."
Section 2 amends section 106-b (2) of the general municipal law by adding the sentence, "Notwithstanding any other provision of this section or other law, any retainage held by a public owner or contractor representing retainage for a subcontractor's work shall be released no later than 60 days from the completion and acceptance by the public owner of the subcontractor's work."
Justification
Currently, subcontractors who have finished their work on a public job must wait until the entire project is complete before receiving their retainage. This creates hardships for subcontractors who must finance their work in advance and wait for unreasonably long periods of time for payment. Line item listing and early release of retainage will cure this unfairness and will insure subcontractor's payment within a reasonable time, thereby avoiding potential payment disputes and liens on the job.
Prior legislative history
New Bill.
Fiscal implications
None.
Effective date
This Act shall take effect immediately and shall apply to all contracts entered into after the effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.