|Date Requested:February 06, 2012
Time Requested:11:07 AM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| The purpose of this bill is to create "The Prompt Pay Act of 2011." The bill requires invoices to state agencies be paid within sixty days and provides excptions for three specific agencies whose invoices must be processed within fifteen days. The bill requires interest be paid on invoices not paid within the prescribed time period. the bill provides that no agency owes another agency interest on an unpaid invoice. The bill also defines the term "state agency."
There would be no fiscal impact associated with passage of this bill.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):