FINANCE-PROMPT PAYMENT Senate SponsorsSen. Laura M. Murphy 1/7/2025SenateSession Sine Die 30 ILCS 540/3-2Amends the State Prompt Payment Act. Provides that, by July 1, 2023, and by July 1 of each year thereafter, the State Comptroller shall determine the prompt payment interest rate for the fiscal year that begins on that date. Provides that any bill approved for payment on or after July 1, 2023 must be paid or the payment issued to the payee within 90 days of receipt of a proper bill or invoice. Provides that if payment is not issued to the payee within this 90-day period, an interest penalty calculated using the prompt payment interest rate shall be added for each month or fraction thereof after the end of this 90-day period until final payment is made. Provides for the prompt payment interest rate under the applicable provisions. Makes conforming and other changes. Effective immediately. 1/31/2023SenateFiled with Secretary by Sen. Laura M. Murphy 1/31/2023SenateFirst Reading 1/31/2023SenateReferred to Assignments 2/7/2023SenateAssigned to State Government 2/23/2023SenateTo Subcommittee on State Gov. Special Issues 3/10/2023SenateRule 3-9(a) / Re-referred to Assignments 1/10/2024SenateRe-assigned to State Government 3/15/2024SenateRule 3-9(a) / Re-referred to Assignments 1/7/2025SenateSession Sine Die