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Public Construction Bond Act – Retainage Reduction

IMSCA’s Call to Action this week

SB 133 – our legislative initiative seeking to cap retainage at 5% on public construction projects

SB 133 was approved by the Judiciary Committee on the condition that it will be held on 2nd Reading.  The Illinois Bankers Association raised concerns regarding SB 133 this morning.  As a result, our sponsor agreed to hold the bill pending further discussions with the IBA.  We are working on scheduling a meeting with the IBA in the coming weeks.  We plan to return the bill to the Judiciary Committee for further debate. Please standby for updates on our progress seeking retainage reduction for public construction projects.  Most importantly, please continue to contact your elected officials to communicate how important retainage reduction is to your business.

Read more about SB133

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Finishing Contractors Association of Illinois

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