MA H297

Bill

MA H297

Relative to small business payments

Introduced
03/29/2021

In Committee
03/29/2021

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

For legislation to establish fair deadlines for business to business invoice settlements based on the size of the payable and receivable business entities. Community Development and Small Businesses.

AI Summary

This bill, titled the "Massachusetts Fair Business Invoice Settlement Act," aims to establish fair deadlines for business-to-business invoice settlements based on the size of the payable and receivable business entities. It defines "large businesses" as those with over 1,000 employees or $50 million in annual revenue, "small businesses" as those with under 100 employees or $5 million in annual revenue, and "startups" as businesses headquartered in Massachusetts and operating for less than five years. The bill requires all business transactions to be initiated with a written purchase order and invoices to include specific information. It sets maximum settlement timeframes, with small businesses and startups required to be paid within 30 days and large businesses within 60 days, unless the parties agree to a different net due date. The bill also outlines a dispute resolution process and a late fee penalty of 7% annualized interest per month on any unpaid balance that exceeds the maximum settlement timeframe.

Committee Categories

Business and Industry

Sponsors (1)

Mike Moran (D)*,

Last Action

Accompanied a study order, see H5027 (on 08/22/2022)

Official Document

https://malegislature.gov/Bills/192/H297

(14 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/H297
Bill	https://malegislature.gov/Bills/192/H297.pdf

Bill	Bill Name	Last Action	Type
H1069	Empowering health care consumers	Accompanied a study order, see H5222	Similar To
H1150	Reducing the costs for small business	No further action taken	Similar To
H1861	Concerning payments on personal injury protection benefit claims	Accompanied a study order, see H4844	Similar To
H2953	Providing financial relief to small businesses during the COVID-19 pandemic	Accompanied a study order, see H5200	Similar To
H300	Encouraging the growth of small businesses	No further action taken	Similar To
H3077	Relative to timely restitution payments	Accompanied a study order, see H5250	Similar To
H5027	Study Order	No further action taken	Replaced by
S153	Encouraging the growth of small businesses	Bill reported favorably by committee and referred to the committee on Senate Rules	Similar To
S1719	To preserve the practice of including annual payments in lieu of vacation as regular compensation for current retirees and active retirement system members where such benefit existed as of May 2018	Accompanied H2732	Similar To
S1802	Relative to providing better notices and protections in the process for collecting delinquent property taxes	Accompanied a study order, see H5247	Similar To
S193	Relative to partial payments	Accompanied a new draft, see S2569	Similar To
S2051	Reducing the costs for small businesses	Accompanied H3121	Similar To
S2536	Relative to small businesses and the sale of certain cultural products	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S789	To promote graduate medical education	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To

Bill > H297

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary