Adopted

AMENDMENT NO 1 PROPOSED TO

House Bill No. 1301

BY: Representative Yancey

AMEND on lines 33, 47, 63, 75 and 78 by striking "five percent (5%)" and inserting in lieu thereof "ten percent (10%)"

AMEND further on lines 38 and 39 by striking "no further retainage may be withheld." and inserting in lieu thereof "fifty percent (50%) of the retainage held to date shall be returned to the prime contractor for distribution to the appropriate subcontractors and suppliers.  Provided, however, that future retainage shall be withheld at the rate of five percent (5%)."

AMEND further on line 53 by striking "no further retainage may be withheld." and inserting in lieu thereof "fifty percent (50%) of the retainage held to date shall be returned to the subcontractor.  Provided, however, that future retainage shall be withheld at the rate of five percent (5%)."

AMEND further on line 69 by striking "no further retainage may be withheld." and inserting in lieu thereof "fifty percent (50%) of the retainage held to date shall be returned to the sub-subcontractor.  Provided, however, that future retainage shall be withheld at the rate of five percent (5%)."  

AMEND further on line 99 by inserting the following after the period:  

"For purposes of this subsection (4), "the paying party" shall mean the party in direct contractual privity with the party asserting that payment is due to it and, accordingly, shall not include any financial institution or other lender that is the source of the funds at issue."

AMEND further on line 113 by inserting the following after the period:

"For purposes of this subsection (6), "the party contractually obligated for the payment" shall mean the party in direct contractual privity with the party asserting that payment is due to it and, accordingly, shall not include any financial institution or other lender that is the source of the funds at issue."

AMEND further on line 174 by inserting ", and shall stand repealed on June 30, 2024" after "2024"

AMEND title to conform.