Prohibits retention of any payment due for materials in public or private construction projects.

This bill amends the state finance, general municipal, and general business laws to prohibit the retention of any payment due and owing for materials delivered and accepted for a public or private construction project. It mandates that contractors must pay subcontractors and materialmen within seven days of receiving payment from the public owner. If the contractor fails to do so, interest accrues on the unpaid amounts. The public owner must pay the remaining contract balance upon the contractor's requisition, less any claims, liens, or judgments against the contractor.

Prohibits retention of any payment due for materials in public or private construction projects.

This bill amends the state finance, general municipal, and general business laws to prohibit the retention of any payment due and owing for materials delivered and accepted for a public or private construction project. It mandates that contractors must pay subcontractors and materialmen within seven days of receiving payment from the public owner. If the contractor fails to do so, interest accrues on the unpaid amounts. The public owner must pay the remaining contract balance upon the contractor's requisition, less any claims, liens, or judgments against the contractor.