Amend House File 381 as follows:
   1.  By striking page 2, line 26, through page 3, line 12, and inserting: 
   <4.  For a contract for private construction, if the owner fails to pay the contractor by the date payment is due pursuant to the contract, the owner shall pay interest to the contractor beginning on the first day after payment is due, computed at the rate of eighteen percent per annum.
   5.  For a contract for private construction, a contractor shall pay a subcontractor any amounts due within seven business days of whichever of the following is later:
   a.  Receipt of payment by the contractor from the owner, including payment of retainage, if retainage is released by the owner.
   b.  The date payment to the subcontractor is due pursuant to the contract.
   6.  If a contractor fails to pay a subcontractor pursuant to subsection 5, the contractor shall pay interest to the subcontractor beginning on the first business day after payment becomes due, computed at the rate of eighteen percent per annum.>
   2.  Page 3, line 13, by striking<6 and 7> and inserting <5 and 6>
   3.  Page 3, lines 28 and 29, by striking <in a contract for private construction or>
   4.  By striking page 6, line 10, through page 7, line 1, and inserting: 
   <3.  For a contract for public construction, if the owner fails to pay the contractor by the date payment is due pursuant to the contract, the owner shall pay interest to the contractor beginning on the first day after payment is due, computed at the rate of eighteen percent per annum.
   4.  For a contract for public construction, a contractor shall pay a subcontractor any amounts due within seven business days of whichever of the following is later:
   a.  Receipt of payment by the contractor from the owner.
   b.  The date payment to the subcontractor is due pursuant to the contract.
   5.  If a contractor fails to pay a subcontractor pursuant to subsection 4, the contractor shall pay interest to the subcontractor beginning on the first business day after payment becomes due, computed at the rate of eighteen percent per annum.>
   5.  Page 7, line 2, by striking<6 and 7> and inserting <4 and 5>
   6.  Page 7, lines 6 and 7, by striking <in a contract for public construction or>
   7.  By renumbering as necessary.

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COMMITTEE ON COMMERCE

SODERBERG of Plymouth, Chairperson