Current Status Introducing Body:Senate Bill Number:228 Primary Sponsor:Setzler Committee Number:15 Type of Legislation:GB Subject:Highway contract retainage, interest-bearing accounts Residing Body:Senate Current Committee:Transportation Computer Document Number:228 Introduced Date:Jan 08, 1991 Last History Body:Senate Last History Date:Jan 08, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Setzler Mullinax Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
228 Senate Jan 08, 1991 Introduced and read first 15
time, referred to Committee
228 Senate Oct 08, 1990 Prefiled, referred to 15
Committee
View additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 57-11-100 SO AS TO AUTHORIZE THE DEPARTMENT OF HIGHWAYS AND PUBLIC TRANSPORTATION TO DEPOSIT CONTRACT RETAINAGE INTO INTEREST-BEARING ACCOUNTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 57-11-100. Notwithstanding the provisions of Chapter 13 of Title 11, the department may enter into escrow agreements with construction contractors for the deposit by the department of contract retainage into interest-bearing accounts pending completion of the construction contract."
SECTION 2. This act takes effect upon approval by the Governor and applies to contracts let after June 30, 1991.