S05655 Summary:
| BILL NO | S05655 |
| SAME AS | SAME AS A05405 |
| SPONSOR | RYAN C |
| 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. | |
S05655 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 5655 2025-2026 Regular Sessions IN SENATE February 26, 2025 ___________ Introduced by Sen. C. RYAN -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection 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