House Bill 272

AN ACT TO ESTABLISH TERMS FOR PAYMENT BY OWNERS, CONTRACTORS AND SUBCONTRACTORS TO CONTRACTORS, SUBCONTRACTORS, SUB-SUBCONTRACTORS AND MATERIAL SUPPLIERS WITH RESPECT TO THE PERFORMANCE OF CONTRACTS; TO DEFINE CERTAIN TERMS FOR THE PURPOSES OF THIS ACT; TO PROVIDE THAT IF AN OWNER, CONTRACTOR, OR SUBCONTRACTOR DOES NOT MAKE PAYMENT IN COMPLIANCE WITH THIS ACT, THE OWNER, CONTRACTOR, OR SUBCONTRACTOR SHALL BE OBLIGATED TO PAY INTEREST ON THE UNPAID BALANCE DUE; TO PROVIDE THAT A CONTRACTOR WHO RECEIVES A PAYMENT FROM AN OWNER IN CONNECTION WITH A CONTRACT SHALL PAY EACH OF ITS SUBCONTRACTORS THE PORTION OF THE OWNER'S PAYMENT TO THE EXTENT OF THAT SUBCONTRACTOR'S INTEREST IN THE OWNER'S PAYMENT AND THAT SUCH PAYMENT SHALL BE MADE NOT LATER THAN THE SEVENTH DAY AFTER THE DATE THE CONTRACTOR RECEIVES THE OWNER'S PAYMENT; TO ESTABLISH A MAXIMUM AMOUNT OF RETAINAGE AND ESTABLISH THE TIMING FOR RELEASE OF RETAINAGE WITH RESPECT TO THE PERFORMANCE OF CONTRACTS AND TO PROVIDE FOR THE PAYMENT OF INTEREST FOR IMPROPERLY HELD RETAINAGE; TO PROVIDE TYPES OF CONTRACTS TO WHICH THE PROVISIONS OF THIS ACT DO NOT APPLY; TO AMEND SECTION 31-5-33, MISSISSIPPI CODE OF 1972, TO DEFINE THE TERM "RETAINAGE" FOR PURPOSES OF CERTAIN PUBLIC WORKS CONTRACTS; TO BRING FORWARD SECTION 31-5-15, MISSISSIPPI CODE OF 1972, WHICH RELATES TO THE WITHDRAWAL BY CONTRACTORS OF AMOUNTS RETAINED ON PUBLIC CONTRACTS, FOR THE PURPOSES OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.

In the House of Representatives

• Donnie Bell

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 17 – Mar 5

1. Jan 17Referred to the House committee on Business and Commerce
2. Mar 5Died in committee in the House