Iowa legislation · 91st General Assembly
Iowa SF431: A BILL FOR An Act relating to retention of fees for public improvement contracts
Status: In committee, March 10, 2025
An Act relating to retention of fees for public improvement contracts.
What the bill says
A bill FOR An Act relating to retention of fees for public improvement contracts.
From the introduced text, February 25, 2025:
A BILL FOR An Act relating to retention of fees for public improvement contracts. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1936XS (2) sc/js S.F. Section 1. Section 573.7, Code 2025, is amended by adding the following new subsections: NEW SUBSECTION. 3. After a claim has been filed, upon the general contractor filing with the public corporation or person withholding the funds a surety bond in double the amount of the claim in controversy, conditioned to pay any final judgment rendered for the claim so filed, the public corporation or person withholding the funds shall pay to the contractor the full amount of retention held for the project or double the amount of the claim, whichever is less. Payment shall be made to the contractor within twenty days of receipt by the public corporation of the surety bond. Failure to make payment by that date shall cause interest to accrue on the unpaid amount during the period commencing on the twenty-first day after the public corporation's receipt of the surety bond and ending on the date of payment. The rate of interest shall be determined pursuant to section 573.14, subsection 2. This subsection is not subject to or limited by section 573.14, subsection 1, or section 573.16 or 573.28. NEW SUBSECTION. 4. Upon written …
Sponsors
- Mike Bousselot (R, 21) · primary sponsor
Latest actions
- : Committee report approving bill, renumbered as SF 574 . S.J. 469 .
- : Subcommittee recommends amendment and passage.
- : Subcommittee Meeting: 03/05/2025 3:00PM Senate Lounge.
- : Subcommittee: Bousselot, Knox, and Webster. S.J. 367 .
- : Introduced, referred to Commerce. S.J. 352 .
Subjects: contracts, public property, corporations, attorneys, claims, contractors, fees, bonds
Common questions
- What is SF431?
- SF431 is a bill in the Iowa Legislature (91st General Assembly): A BILL FOR An Act relating to retention of fees for public improvement contracts.
- What does SF431 do?
- In its own words: A bill FOR An Act relating to retention of fees for public improvement contracts.
- What is the status of SF431?
- In committee as of March 10, 2025. Latest action: Committee report approving bill, renumbered as SF 574 . S.J. 469 . (March 10, 2025).
- Who sponsored SF431?
- Mike Bousselot (R, 21).
- Where is the official record for SF431?
- On the Iowa Legislature website: https://www.legis.iowa.gov/legislation/BillBook?ba=SF+0431&ga=91
Source: official Iowa record. Tracked by Delilah, AI for legislation across all 50 states and Congress.