Livingston Floor Amendment
Reference to: printed bill
Amendment drafted by: Mike Hans
FLOOR AMENDMENT EXPLANATION
· Prohibits the amount deposited into a money market account or demand deposit account in lieu of retention for certain public construction projects from being released by the financial institution to the contractor without written authorization of the government entity.
· Makes technical and conforming changes.
Second Regular Session S.B. 1510
LIVINGSTON FLOOR AMENDMENT
SENATE AMENDMENTS TO S.B. 1510
(Reference to printed bill)
Page 3, line 1 strike "the agent accepts substitute security" insert "the contractor opts for substitute security"
Line 9, after "a" insert "money market account, demand deposit account,"
Line 14 after the period, insert "the amount deposited in a money market account or demand deposit account in lieu of the retention provided in this section shall not be released by the financial institution to the contractor except on written authorization of the agent."
Amend title to conform
