NEWS FROM STA:
GOVERNOR SIGNS RETAINAGE BILL INTO LAW
Subcontractors Trade Association is thrilled to share the fantastic news that Governor Hochul last night signed Bill S.3539 / A.4167 (Breslin/ Hunter), an act to amend the general business law, in relation to payment and retainage in construction contracts.
The signed bill specifically targets the limitation of retainage on private commercial projects, capping it at a maximum of five percent (5%). It also mandates the prompt release of retainage on private work upon reaching substantial completion. This legislative win signifies a crucial step forward in ensuring fairer practices and greater financial stability for subcontractors operating within New York state.
We extend our sincerest gratitude to all who contributed to this success – to our members and member associations who have written countless letters to the Governor voicing their support.
STA would like to especially thank EMPIRE STATE SUBCONTRACTORS ASSOCIATION INC (ESSA), ESSA Legislative Counsel Greg Serio, STA Legislative Counsel Perry M. Ochacher and Willett Public Affairs, and STA Legislative Committee chair Arthur Rubinstein, all of without whom this bill and subsequent passage would not have been possible.
The bill can be found here: https://lnkd.in/eTAFXXkT