Changes the maximum amount of retainage for certain state and local public works projects from: (1) 10% to 6% of the dollar value of all work satisfactorily completed until the public work is 50% complete; and (2) 5% to 3% of the dollar value of all work satisfactorily completed until the public work is substantially complete. Removes the requirement of a minimum amount of retainage for certain state and local public works projects.

Statutes affected:
Introduced House Bill (H): 5-16-5.5-3.5, 36-1-12-14
House Bill (H): 5-16-5.5-3.5, 36-1-12-14