South Carolina General Assembly
116th Session, 2005-2006

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A97, R117, S365

STATUS INFORMATION

General Bill
Sponsors: Senators Leatherman and Knotts
Document Path: l:\council\bills\bbm\10560mm05.doc

Introduced in the Senate on January 27, 2005
Introduced in the House on March 2, 2005
Passed by the General Assembly on May 25, 2005
Governor's Action: June 1, 2005, Signed

Summary: Consolidated Procurement Code

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/27/2005  Senate  Introduced and read first time SJ-7
   1/27/2005  Senate  Referred to Committee on Finance SJ-7
   2/23/2005  Senate  Committee report: Favorable Finance SJ-20
   2/24/2005  Senate  Read second time SJ-13
    3/1/2005  Senate  Read third time and sent to House SJ-10
    3/2/2005  House   Introduced and read first time HJ-7
    3/2/2005  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-7
   5/18/2005  House   Committee report: Favorable Labor, Commerce and Industry 
                        HJ-52
   5/24/2005  House   Requests for debate-Rep(s). MA Pitts HJ-23
   5/24/2005  House   Read second time HJ-23
   5/25/2005  House   Read third time and enrolled HJ-26
   5/26/2005          Ratified R 117
    6/1/2005          Signed By Governor
    6/3/2005          Copies available
    6/3/2005          Effective date 06/01/05
    6/7/2005          Act No. 97

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/27/2005
2/23/2005
5/18/2005


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A97, R117, S365)

AN ACT TO AMEND SECTION 11-35-3030, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO BOND AND SECURITY FOR CONSTRUCTION CONTRACT PERFORMANCE AND PAYMENT PURSUANT TO THE STATE CONSOLIDATED PROCUREMENT CODE, SO AS TO REDUCE THE MAXIMUM RETENTION AMOUNT FOR EACH INSTALLMENT PENDING COMPLETION OF THE PROJECT FROM FIVE PERCENT TO THREE AND ONE-HALF PERCENT.

Be it enacted by the General Assembly of the State of South Carolina:

Retention amount

SECTION    1.    Section 11-35-3030(4)(a) of the 1976 Code, as last amended by Act 153 of 1997, is further amended to read:

"(4)    Retention.    (a)    Maximum amount to be withheld. In any contract or subcontract for construction which contract or subcontract provides for progress payments in installments based upon an estimated percentage of completion, with a percentage of the contract's proceeds to be retained by the State or general contractor pending completion of the contract or subcontract, the retained amount of each progress payment or installment must be no more than three and one-half percent."

Time effective

SECTION    2.    This act takes effect upon approval by the Governor.

Ratified the 26th day of May, 2005.

Approved the 1st day of June, 2005.

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