Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 30, 2010 |
3rd reading cal.1293 substituted for s754 |
Jun 17, 2010 |
referred to rules delivered to senate passed assembly ordered to third reading rules cal.212 rules report cal.212 reported |
Jun 14, 2010 |
reported referred to rules |
May 18, 2010 |
reported referred to codes |
Jan 06, 2010 |
referred to economic development |
Jun 22, 2009 |
ordered to third reading rules cal.566 rules report cal.566 reported |
Jun 16, 2009 |
reported referred to rules |
Jun 02, 2009 |
reported referred to codes |
Feb 26, 2009 |
reference changed to economic development |
Jan 15, 2009 |
referred to consumer affairs and protection |
Assembly Bill A2279
2009-2010 Legislative Session
Sponsored By
CUSICK
Archive: Last Bill Status - On Floor Calendar
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-A2279 (ACTIVE) - Details
2009-A2279 (ACTIVE) - Summary
Provides for a reasonable amount of construction contract sum to be deposited in a separate interest bearing escrow account with a third party escrow agent; provides further that the owner shall be subject to the payment of interest, in addition to the escrow interest, at the rate of one percent per month and the contractor or subcontractor shall be subject to payment of interest on the amount of retainage it holds at the rate of one percent per month.
2009-A2279 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 754 A. 2279 2009-2010 Regular Sessions S E N A T E - A S S E M B L Y January 15, 2009 ___________ IN SENATE -- Introduced by Sens. BRESLIN, HUNTLEY, SCHNEIDERMAN, STACHOWSKI, STAVISKY, THOMPSON -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection IN ASSEMBLY -- Introduced by M. of A. CUSICK, HYER-SPENCER -- Multi- Sponsored by -- M. of A. GUNTHER, MAGEE, PHEFFER -- read once and referred to the Committee on Consumer Affairs and Protection AN ACT to amend the general business law, in relation to retention of construction contracts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 756-c of the general business law, as added by chapter 127 of the laws of 2002, is amended to read as follows: S 756-c. Retention. By mutual agreement of the relevant parties an owner may retain a reasonable amount of the contract sum as retainage[. A] AND FOR ANY CONSTRUCTION CONTRACTS, EXCLUDING CONSTRUCTION CONTRACTS FINANCED BY A PUBLIC BENEFIT CORPORATION, SUCH RETAINAGE SHALL BE DEPOS- ITED IN A SEPARATE INTEREST BEARING ESCROW ACCOUNT WITH A THIRD PARTY ESCROW AGENT. AS OF THE TIME OF THE DEPOSIT OF THE RETAINAGE, THE RETAINED FUNDS SHALL BECOME THE SOLE AND SEPARATE PROPERTY OF THE CONTRACTOR. INTEREST ON THE RETAINED FUNDS SHALL ACCRUE AT AN INTEREST RATE AT LEAST EQUAL TO THE PREVAILING INTEREST RATE PAID ON DEPOSITS BY THE ESCROW AGENT. ALSO, A contractor or subcontractor may [also] retain a reasonable amount for retainage so long as the amount does not exceed the actual percentage [retained] DEPOSITED IN ESCROW by the owner. [Retainage] THE ESCROWED RETAINAGE shall be released by the [owner] OWNER'S WRITTEN DIRECTION TO THE ESCROW AGENT TO DELIVER THE ESCROWED RETAINAGE to the contractor no later than thirty days after the final approval of the work under a construction contract. In the event that an owner fails to release THE ESCROWED retainage as required by this arti- cle, or the contractor or subcontractor fails to release a proportionate EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00280-01-9
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