PROMPT PAY- SMALL BUSINESS House SponsorsRep. Ruth Munson-JoAnn D. Osmond-Aaron Schock and Linda Chapa LaVia 1/9/2007HouseSession Sine Die 30 ILCS 540/1from Ch. 127, par. 132.40130 ILCS 540/3-2from Ch. 127, par. 132.403-2 Amends the State Prompt Payment Act. Requires vendors who are small businesses to be paid within 10 days (now, 60 days for all businesses). Defines a "small business" as one that employs fewer than 50 employees.Fiscal Note (Capital Development Board) The Capital Development Board averaged around $60,000 in prompt payment interest om 2004 and 2005. Small businesses are defined by CMS (based on sales volume) account for 30% of CDB's activity. Assuming that CMS's definition and this act's definition account for approximately the same population of vendors, CDB's prompt payment interest might triple to about $240,000 per year if bond sales continue in the same patterns. 2/16/2005HouseFiled with the Clerk by Rep. Ruth Munson 2/17/2005HouseFirst Reading 2/17/2005HouseReferred to Rules Committee 2/18/2005HouseAdded Chief Co-Sponsor Rep. JoAnn D. Osmond 2/18/2005HouseAssigned to State Government Administration Committee 3/2/2005HouseFiscal Note Filed 3/2/2005HouseMotion to Suspend Rule 25 - Prevailed 3/9/2005HouseDo Pass / Short Debate State Government Administration Committee; 009-000-000 3/10/2005HousePlaced on Calendar 2nd Reading - Short Debate 3/15/2005HouseFiscal Note Requested by Rep. William Davis 3/17/2005HouseAdded Co-Sponsor Rep. Linda Chapa LaVia 4/6/2005HouseAdded Chief Co-Sponsor Rep. Aaron Schock 4/8/2005HouseSecond Reading - Short Debate 4/8/2005HouseHeld on Calendar Order of Second Reading - Short Debate 4/11/2005HouseBalanced Budget Note Requested by Rep. Brandon W. Phelps 4/12/2005HouseState Mandates Fiscal Note Requested by Rep. Brandon W. Phelps 4/15/2005HouseRule 19(a) / Re-referred to Rules Committee 1/9/2007HouseSession Sine Die