Summary of Original Version

Amend KRS 45A.030 to expand the definition of "contract"; amend KRS 45A.035 to require promulgation of administrative regulations to establish policies regarding timely payments under contracts; create a new section of KRS Chapter 45A to establish timely payment penalty and procedures; EMERGENCY.

Summary of Amendment: House Committee Substitute 1

Summary Retain original provisions; make technical corrections.

Summary of Amendment: House Floor Amendment 1 -- S. McPherson

Summary Retain original provisions, except add language to emphasize negotiated terms for timely payment; require the Finance and Administration Cabinet to submit a detailed report of interest penalties and reimbursement payments every six months due to payments not timely made to the Legislative Research Commission,the Interim Joint Committee on Appropriations and Revenue, or the House and Senate Standing Committee on Appropriation and Revenue.

Statutes affected:
Introduced: 45A.030, 45A.035
House Committee Substitute 1: 45A.030, 45A.035
Current/Final: 45A.030, 45A.035
Current: 45A.030, 45A.035