CONSTRUCTION ESCROW ACCOUNT House SponsorsRep. Renee Kosel 1/9/2007HouseSession Sine Die New Act Creates the Construction Escrow Account Act. Provides that a construction contract may include a provision for the retention of a portion of any amount due under the contract. Provides that any retention shall be deposited into an escrow account and shall be distributed under the direction of the general contractor for the sole purpose of eliminating retention of subcontractors who have completed their work. Provides that, before any payment shall be made from the escrow account containing the retention, the general contractor shall certify the subcontractor's work as complete and acceptable. Provides that the general contractor shall inspect the work of the subcontractor no later than 7 days after notification by the subcontractor of completion. Provides that if the workmanship of the subcontractor is acceptable, the general contractor shall pay the subcontractor the remaining portion of his or her retention. Provides that if the workmanship of the subcontractor is not acceptable, the general contractor shall notify the subcontractor and shall specify any improvements or corrections that must be made by the subcontractor before the retention shall be paid the retention. Effective immediately. 2/28/2005HouseFiled with the Clerk by Rep. Renee Kosel 2/28/2005HouseFirst Reading 2/28/2005HouseReferred to Rules Committee 3/1/2005HouseAssigned to Judiciary I - Civil Law Committee 3/10/2005HouseRule 19(a) / Re-referred to Rules Committee 1/9/2007HouseSession Sine Die