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HB0265 • 2023

Public procurement late payments.

AN ACT relating to public property; increasing the rate of interest that accrues on late payments for the purchase of goods and services by public entities as specified; providing for the accrual of interest on late payments for public works projects as specified; and providing for an effective date.

Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
Representative Hornok
Last action
2023-02-07
Official status
inactive
Effective date
3/1/2023

Plain English Breakdown

The bill summary and text do not provide details about the requirement for public entities to pay within one business day after receiving a correct notice of payment due, or face higher interest rates if not paid on time.

Public Procurement Late Payments Act

The bill increases the interest rate on late payments for goods and services purchased by public entities.

What This Bill Does

  • Increases the interest rate from 1.5% per month to 5% per month on late payments for goods and services bought by public entities.

Who It Names or Affects

  • Public entities that purchase goods and services from non-governmental entities

Terms To Know

public entity
An organization or agency of the government, such as a city council or state department.

Limits and Unknowns

  • The bill did not pass and was marked as inactive in the current session.
  • It does not specify what happens if there is a good faith dispute about the payment amount.

Bill History

  1. 2023-02-07 House

    H:Died in Committee Returned Bill Pursuant to HR 5-4

  2. 2023-02-07 House

    H No report prior to CoW Cutoff

  3. 2023-01-30 House

    H Introduced and Referred to H07 - Corporations

  4. 2023-01-26 House

    H Received for Introduction

  5. 2023-01-25 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
23LSO-0654
2023
STATE OF WYOMING
23LSO-0654
Numbered
2.0

HOUSE BILL NO. HB0265

Public procurement late payments.

Sponsored by: Representative(s) Hornok, Banks, Pendergraft, Slagle and Wylie and Senator(s) Ide

A BILL

for

AN ACT relating to public property; increasing the rate of interest that accrues on late payments for the purchase of goods and services by public entities as specified; providing for the accrual of interest on late payments for public works projects as specified; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 16
‑
6
‑
116(a)(iii), 16
‑
6
‑
602 and 16
‑
6
‑
702(a) are amended to read:

16
‑
6
‑
116.

Payment to contractor; substantial completion; final completion; required notices.

(a)

When any public work is let by contract, the public entity under whose direction or supervision the work is being carried on and conducted shall:

(iii)

Upon the forty
‑
first day after the notice required under paragraph (ii) of this subsection was first published and posted, the public entity under whose direction or supervision the work has been carried on shall pay to the general contractor any payment retained by the public entity under W.S. 16
‑
6
‑
702(b) together with any other amount due under the contract, less any amount withheld for the portion of the public work that is incomplete or not completed in accordance with the contract and associated documents
. Except as otherwise provided under the contract, the public entity shall pay the amount due under this paragraph to the general contractor within one (1) business day or shall pay interest at the rate specified in W.S. 16
‑
6
‑
602 until the amount due is paid in full
;

16
‑
6
‑
602.

Payment of agency accounts; interest.

Except as provided by contract, any agency which purchases or procures goods and services from a nongovernmental entity shall pay the amount due within forty
‑
five (45) days after receipt of a correct notice of amount due for the goods or services provided or shall pay interest from the forty
‑
fifth day at the rate of
one and one
‑
half percent (1 1/2%)
five percent (5%)
per month on the unpaid balance until the account is paid in full, unless a good faith dispute exists as to the agency's obligation to pay all or a portion of the account.

16
‑
6
‑
702.

Public entity; contracts; partial payments; retainage; alternate delivery methods authorized.

(a)

A public entity awarding a contract for a public work shall authorize partial payments of the amount due under the contract as stipulated in the contract document
or as soon thereafter as practicable,
to the contractor if the contractor is satisfactorily performing the contract.

Except as otherwise provided under the contract, interest shall accrue on unpaid partial payments due under this paragraph as provided by W.S. 16
‑
6
‑
602.

Section 2
.

This act is effective July 1, 2023
.

(END)

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HB0265