PROMPT PAYMENT-PRIME RATE House SponsorsRep. Karen May 1/8/2013HouseSession Sine Die 30 ILCS 540/3-2 Amends the State Prompt Payment Act. Provides that, for any bill not paid by the State within 60 days of receipt, an interest penalty equal to the prime commercial rate of interest (rather than 1.0% for any bill other than a bill submitted under Article V of the Illinois Public Aid Code and 2% for any bill submitted under Article V of the Illinois Public Aid Code) on any amount approved and unpaid shall be added for each month or fraction thereof after the end of the 60-day period. Defines "prime commercial rate". Effective immediately.House Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the State Prompt Payment Act. Provides that, for any bill not paid by the State within 60 days of receipt, an interest penalty shall be applied to any amount approved and unpaid, beginning on the first day after the 60-day period, until final payment is made. Provides that interest shall be calculated as the average prime commercial rate plus a certain percentage and shall be applied to the unpaid portion of the bill at the rate of 1/360th for each day the payment remains due and unpaid. Defines "average prime commercial rate". Effective July 1, 2011. 2/9/2011HouseFiled with the Clerk by Rep. Karen May 2/9/2011HouseFirst Reading 2/9/2011HouseReferred to Rules Committee 2/14/2011HouseAssigned to State Government Administration Committee 3/15/2011HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Karen May 3/15/2011HouseHouse Committee Amendment No. 1 Referred to Rules Committee 3/16/2011HouseHouse Committee Amendment No. 1 Rules Refers to State Government Administration Committee 3/16/2011HouseHouse Committee Amendment No. 1 Adopted in State Government Administration Committee; by Voice Vote 3/16/2011HouseRemains in State Government Administration Committee 3/17/2011HouseRule 19(a) / Re-referred to Rules Committee 1/8/2013HouseSession Sine Die