New York A00634 amends state finance law to require interest payments to contractors or county governments if state agencies fail to make contract.

New York A00634 amends the state finance law to ensure that if a state agency fails to make a contract payment by the required date, it must make an interest payment to the contractor or county government. This interest payment is required unless the delay is due to a lien, attachment, or other legal process against the money due the contractor or county government, or if the interest amount is less than ten dollars. Additionally, a pro rata share of this interest must be paid by the contractor or subcontractor to subcontractors and materialmen.

New York A00634 amends state finance law to require interest payments to contractors or county governments if state agencies fail to make contract.

New York A00634 amends the state finance law to ensure that if a state agency fails to make a contract payment by the required date, it must make an interest payment to the contractor or county government. This interest payment is required unless the delay is due to a lien, attachment, or other legal process against the money due the contractor or county government, or if the interest amount is less than ten dollars. Additionally, a pro rata share of this interest must be paid by the contractor or subcontractor to subcontractors and materialmen.