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S3181Senate2011-2012 SessionSame asA5024

Provides for release of subcontractor's retainage held by a public owner or contractor sixty days after substantial completion of work

Sponsor John A. DeFranciscoSD-50+3 co-sponsorsAffects Finance
Status
In Senate Committee
Rules
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Rules

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Sponsors

Primary sponsor
John A. DeFrancisco

Senator · Senate District 50

Chair, Finance

History

  1. Committed to rules
  2. Advanced to third reading
  3. 2nd report cal.
  4. 1st report cal.666
  5. Referred to finance
  6. Returned to senate
  7. Died in assembly
  8. Referred to governmental operations
  9. Delivered to assembly
  10. Passed senateVote 62–0
  11. Advanced to third reading
  12. 2nd report cal.
Show 2 earlier actions
  1. 1st report cal.419
  2. 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.

A5024Assembly

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

BILL NUMBER:S3181

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 the 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 subcontractors 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

2010: A.2347 - Died in Assembly Governmental Operations.

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.