Increases the interest rate for late payments due on construction contracts; repealer

Summary

The bill changes New York law so owners who miss payment deadlines on qualifying construction contracts must pay contractors interest of 2% per month on the overdue amount, or a higher rate if the contract allows. It applies only to private projects costing $150,000 or more and excludes most public works and small residential jobs. The measure also removes an existing section of the Business Law.

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