HB 3172

Abstract

Amends the State Prompt Payment Act. Provides for the Flexible Vendor Payment Program. Provides minimum requirements for the Program. Provides for a Program administrator. Provides for capital providers to the Program. Provides that the Program shall be accessible to any State vendor that wishes to enter into the Program. Provides that a vendor shall assign its interest in a voucher to an eligible capital provider, and select a timeframe upon which the capital provider shall pay to the vendor 100% percent of the payable voucher, minus any fees that may be associated with how soon the vendor wants to be paid. Specifies payment timeframe. Provides for the payment of invoices by the State to capital providers. Establishes a variable interest rate. Authorizes late payment agreements. Provides for the adoption of rules.