HB 20-1046

  • Colorado House Bill
  • 2020 Regular Session
  • Introduced in House Jan 08, 2020
  • House
  • Senate
  • Governor

Private Construction Contract Payment Requirements

Abstract

In a construction contract of at least $150,000, the bill requires: A property owner to make partial payments to the contractor of any amount due under the contract at the end of each calendar month or as soon as practicable after the end of the month; A property owner to pay the contractor at least 95% of the value of satisfactorily completed work; A property owner to pay the withheld percentage within 60 days after the contract is completed satisfactorily; A contractor to pay a subcontractor for work performed under a subcontract within 30 calendar days after receiving payment for the work, not including a withheld percentage not to exceed 5%; A subcontractor to pay any supplier, subcontractor, or laborer who provided goods, materials, labor, or equipment to the subcontractor within 30 calendar days after receiving payment under the subcontract; and A subcontractor to submit to the contractor a list of the suppliers, sub-subcontractors, and laborers who provided goods, materials, labor, or equipment to the subcontractor for the work. The bill does not apply to contracts with public entities or to a contract concerning one multi-family dwelling of no more than 4 units or one single-family dwelling. A person who fails to make a required payment must pay 1.5% interest per month until the debt is fully paid. In a lawsuit to enforce the bill, the prevailing party is awarded attorney fees and costs. (Note: This summary applies to this bill as introduced.)

Bill Sponsors (2)

Votes


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Actions


Feb 18, 2020

House

House Committee on Business Affairs & Labor Postpone Indefinitely

Jan 28, 2020

House

House Committee on Business Affairs & Labor Witness Testimony and/or Committee Discussion Only

Jan 08, 2020

House

Introduced In House - Assigned to Business Affairs & Labor

  • Introduction
Business Affairs & Labor

Bill Text

Bill Text Versions Format
Introduced (01/08/2020) PDF
Committee Amendment PDF

Related Documents

Document Format
Fiscal Note FN1 (01/14/2020) PDF
Fiscal Note FN2 (10/22/2020) PDF

Sources

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