Illinois HB4288 amends the State Prompt Payment Act to ensure timely payments to contractors and subcontractors, with interest penalties for late.
HB4288 amends the State Prompt Payment Act to mandate that State officials and agencies confirm receipt of bills or invoices within 15 business days and transmit approved amounts to the Comptroller within 30 days. Contractors must pay subcontractors and material suppliers within 10 business days or 15 calendar days, whichever is earlier, or face interest penalties. The Act sets a 60-day limit for issuing payments, with a 2% monthly interest penalty for late payments.
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