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Assembly Bill A5405

2025-2026 Legislative Session

Relates to void provisions in construction contracts

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2025-A5405 (ACTIVE) - Details

See Senate Version of this Bill:
S5655
Law Section:
General Business Law
Laws Affected:
Amd §757, Gen Bus L

2025-A5405 (ACTIVE) - Summary

Voids provisions in construction contracts requiring retainage as expressly provided for by section seven hundred fifty-six-c of the general business law in an amount exceeding five percent of the contract sum.

2025-A5405 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5405
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 13, 2025
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Economic Development
 
 AN ACT to amend the general business law, in relation to void provisions
   in construction contracts
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 757 of the  general  business  law  is  amended  by
 adding a new subdivision 5 to read as follows:
   5. A PROVISION, COVENANT, CLAUSE OR UNDERSTANDING IN, COLLATERAL TO OR
 AFFECTING  A  CONSTRUCTION  CONTRACT  REQUIRING  RETAINAGE  AS EXPRESSLY
 PROVIDED FOR BY SECTION SEVEN HUNDRED FIFTY-SIX-C OF THIS ARTICLE IN  AN
 AMOUNT EXCEEDING FIVE PERCENT OF THE CONTRACT SUM.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09177-01-5

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