HOUSE DOCKET, NO. 1848 FILED ON: 1/17/2013
HOUSE . . . . . . . . . . . . . . . No. 194
The Commonwealth of Massachusetts
_________________
PRESENTED BY:
Tackey Chan
_______________
To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying:
An Act relative to partial payments.
_______________
PETITION OF:
Name: | District/Address: |
Tackey Chan | 2nd Norfolk |
HOUSE DOCKET, NO. 1848 FILED ON: 1/17/2013
HOUSE . . . . . . . . . . . . . . . No. 194
By Mr. Chan of Quincy, a petition (accompanied by bill, House, No. 194) of Tackey Chan relative to home improvement contractors furnishing performance and payment bonds. Consumer Protection and Professional Licensure. |
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE
HOUSE
, NO. 1891 OF 2011-2012.]
The Commonwealth of Massachusetts
An Act relative to partial payments.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1: Section 2(a) of Chapter 142A of the general laws is hereby amended by striking out clause (6) and inserting in place thereof the following new clause:
(6) a time schedule of payments to be made under said contract and the amount of each payment stated in dollars, including all finance charges. (i) except as provided under subparagraph (ii), any deposit required under the contract to be paid in advance of the commencement of work under said contract shall not exceed the greater of one-third of the total contract price or the actual cost of any materials or equipment of a special order or custom made nature, which must be ordered in advance of the commencement of work, in order to assure that the project will proceed on schedule. No final payment shall be demanded until the contract is completed to the satisfaction of the parties thereto. (ii) the provisions of subparagraph (i) shall not apply to a home improvement retailer with a net worth of more than $100,000,000;
