Bill > SB1823

This bill shortens the timeframe for state departments, agencies, or officials to pay businesses for acquired property or services from 45 days to 30 days after receiving an invoice, aiming to improve payment timeliness for contractors. Additionally, it mandates that these state entities must annually report by September 15th to the chairs of the relevant Senate and House committees on the number and total amount of late payments that remain outstanding, as well as any interest paid or still owed on those late payments, for the preceding fiscal year. This reporting requirement is intended to increase transparency and accountability regarding prompt payment practices in state contracting.