MECHANICS LIEN-RETAINAGE TRUST Senate SponsorsSen. John G. Mulroe-Linda Holmes 1/9/2019SenateSession Sine Die 770 ILCS 60/21.03 newAmends the Mechanics Lien Act. Provides that all moneys withheld as retainage from payments made to any contractor or subcontractor under any construction contract, except those contracts that provide for retainage of 5% or less, shall be held in trust for the benefit of the contractors and subcontractors from whom the retainage has been withheld. Provides that separate records of account shall be kept for each person for whom trust funds are held, and trust funds are not required to be deposited into a separate bank account solely for that purpose as long as trust funds are not expended in a prohibited manner. Provides that any person who knowingly retains or uses the moneys held in trust for any purpose other than to pay those for whom the moneys are held is liable for all damages sustained, including interest at 10% per annum and reasonable attorney's fees. 2/9/2017SenateFiled with Secretary by Sen. John G. Mulroe 2/9/2017SenateFirst Reading 2/9/2017SenateReferred to Assignments 2/16/2017SenateAdded as Chief Co-Sponsor Sen. Linda Holmes 2/28/2017SenateAssigned to Judiciary 3/8/2017SenatePostponed - Judiciary 3/15/2017SenateDo Pass Judiciary; 011-000-000 3/15/2017SenatePlaced on Calendar Order of 2nd Reading March 16, 2017 8/4/2017SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 1/9/2019SenateSession Sine Die