A05405 Summary:
| BILL NO | A05405 |
| SAME AS | SAME AS S05655 |
| SPONSOR | Hunter |
| COSPNSR | |
| MLTSPNSR | |
| Amd §757, Gen Bus L | |
| Voids provisions in construction contracts requiring retainage as expressly provided for by section seven hundred fifty-six-c of the general business law in an amount exceeding five percent of the contract sum. | |
A05405 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 5405 2025-2026 Regular Sessions IN ASSEMBLY February 13, 2025 ___________ Introduced by M. of A. HUNTER -- read once and referred to the Committee on Economic Development AN ACT to amend the general business law, in relation to void provisions in construction contracts The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 757 of the general business law is amended by 2 adding a new subdivision 5 to read as follows: 3 5. A provision, covenant, clause or understanding in, collateral to or 4 affecting a construction contract requiring retainage as expressly 5 provided for by section seven hundred fifty-six-c of this article in an 6 amount exceeding five percent of the contract sum. 7 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09177-01-5