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History
- Referred to finance
Companion bill
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Prohibits the retention of any amount of payment due and owing for materials delivered and accepted for a public or private construction project
In Assembly Committee · Governmental Operations · Sponsor Edward Braunstein
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 requiring full payment for delivered and accepted materials pertaining to public work projects; and to amend the general business law, in relation to prohibiting the retention of any payment due and owing a material supplier for a construction project
Purpose
This bill amends the state finance and general municipal laws, in relation to requiring full payment for delivered materials pertaining to public works projects; and to amend the general business law, in relation to prohibiting the retention of any payment due and owing a material supplier for a construction project.
Summary of provisions
Section 1: Amends the state finance law to clarify that materialmen are not subject to retainage.
Section 2: Amends the general municipal law to clarify that materialmen are not subject to retainage.
Section 3: Amends the current law to clarify that an owner, contractor, or subcontractor may not retain any portion of any payment due to a material supplier, except as set forth in subsection one of the law.
Section 4: Sets the effective date.
Justification
Currently, retainage is withheld on construction jobs to ensure that the owner is happy with the finished product. Retainage is withheld by the owner from the contractor, who, as a result of not receiving funds from the owner, withholds payment from the subcontractors and materialmen. Once a material supplier has delivered its goods and has been accepted by the contractor or subcontractor, the supplier has completed its job and should not be held liable for subsequent work performance. This legislation would remove materialmen from inclusion under current retainage laws.
Legislative history
This is a new bill.
Fiscal implications
None to the State.
Effective date
This act shall take effect on the thirtieth day after it shall become law and shall apply to materials deliver on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.