PROMPT PAY-INTEREST RATE House SponsorsRep. Allen Skillicorn 1/13/2021HouseSession Sine Die 30 ILCS 540/3-2 Amends the State Prompt Payment Act. Provides that for State fiscal year 2021 and future fiscal years, any bill approved for payment under provisions concerning late payment interest 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 of 0.3% (currently, 1%) of any amount approved and unpaid shall be added for each month, or 0.01% (currently, 0.033%) of any amount approved and unpaid for each day, after the end of this 90-day period, until final payment is made. Makes conforming changes. 2/3/2020HouseFiled with the Clerk by Rep. Allen Skillicorn 2/3/2020HouseFirst Reading 2/3/2020HouseReferred to Rules Committee 1/13/2021HouseSession Sine Die