SB3658 - Tennessee - Contractors

Companion Bill HB3105. Contractors - Revises requirements related to contractor retainage funds; makes violation a Class A misdemeanor. - Amends TCA Section 66-11-144 and Title 66, Chapter 34. Fiscal Summary for SB3658 / *HB3105(CORRECTED) MINIMAL Bill Summary for SB3658 / *HB3105 This bill revises present law provisions regarding retained amounts for contracts, as follows: (1) Under present law, whenever, in any contract for the improvement of real property, a certain amount or percentage of the contract price is retained, that retained amount must be deposited in a separate, interest bearing, escrow account with a third party. Present law specifies that the escrow requirement for retained amounts applies to any contract or subcontract for the improvement of real property when the contract price in the contract or subcontract is $500,[...]

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