AN ACT to amend Tennessee Code Annotated, Title 12, Chapter 4, relative to public contracts.

As introduced, requires a state department, agency, or official who contracts with a business to acquire property or services to make payments under the contract to the business within 30 days rather than 45 days after receipt of the invoice from the business; requires such state departments, agencies, and officials to annually report to the chairs of the appropriate standing committees of the senate and house of representatives by January 10 of each year the number and aggregate amount of late payments made for the preceding calendar year and the amount of interest paid and outstanding on such late payments. - Amends TCA Title 12, Chapter 4.