SB1275 - Tennessee: Contractors, Contracts

Companion Bill HB1003. Contracts - Requires the escrow account used when a percentage of a real property improvement contract price is held back by the owner or contractor to be interest-bearing; places limits on the withholding of retainage for construction contracts. - Amends TCA Section 4-15-102; Section 66-11-144 and Title 66, Chapter 34. Fiscal Summary for SB1275 / *HB1003Increase State Revenues - Not Significant Increase State Expenditures - Not Significant Bill Summary for SB1275 / *HB1003 ON APRIL 30, 2007, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 1003, AS AMENDED. AMENDMENT #1 rewrites this bill. Under present law, whenever, in any contract for the improvement of real property, a certain amount or percentage of the contract price is held back by the owner or contractor, that retained amount must be deposited [...]

show full description