|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 10, 2014||referred to ways and means|
delivered to assembly
|May 19, 2014||advanced to third reading|
|May 14, 2014||2nd report cal.|
|May 13, 2014||1st report cal.715|
|Jan 08, 2014||referred to finance|
|Jun 21, 2013||committed to rules|
|Apr 22, 2013||advanced to third reading|
|Apr 17, 2013||2nd report cal.|
|Apr 16, 2013||1st report cal.305|
|Jan 09, 2013||referred to finance|
senate Bill S1974
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1974 - Details
S1974 - Summary
Provides for release of subcontractor's retainage held by a public owner or contractor sixty days after substantial completion of work.
S1974 - Sponsor Memo
BILL NUMBER:S1974 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 retain- age on public jobs. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends section 1394(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
S1974 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 1974 A. 1660 2013-2014 Regular Sessions S E N A T E - A S S E M B L Y (PREFILED) January 9, 2013 ___________ IN SENATE -- Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Finance IN ASSEMBLY -- Introduced by M. of A. CUSICK, GABRYSZAK -- Multi-Spon- sored by -- M. of A. ROBINSON -- read once and referred to the Commit- tee on Governmental Operations AN ACT to amend the state finance law and the general municipal law, in relation to release of subcontractor's retainage THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 139-f of the state finance law, as amended by section 16 of part MM of chapter 57 of the laws of 2008, is amended to read as follows: 2. Payment by contractors to subcontractors. Within seven calendar days of the receipt of any payment from the public owner, the contractor shall pay each of his subcontractors and materialmen the proceeds from the payment representing the value of the work performed and/or materi- als furnished by the subcontractor and/or materialman and reflecting the percentage of the subcontractor's work completed or the materialman's material supplied in the requisition approved by the owner and based upon the actual value of the subcontract or purchase order less an amount necessary to satisfy any claims, liens or judgments against the subcontractor or materialman which have not been suitably discharged and less any retained amount as hereafter described. Failure by the contrac- tor to pay any subcontractor or materialman within seven calendar days of the receipt of any payment from the public owner shall result in the commencement and accrual of interest on amounts due to such subcontrac- tor or materialman for the period beginning on the day immediately following the expiration of such seven calendar day period and ending on the date on which payment is made by the contractor to such subcontrac- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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