This bill aims to enhance payment transparency in public contracts by amending Minnesota Statutes. It introduces a new subdivision under section 15.72, which mandates that public contracting agencies provide detailed payment information to contractors or subcontractors upon written request. This information must include the payment amount, date, and a copy of the payment application, with a requirement for the agency to respond within seven calendar days. Additionally, the bill stipulates that no fees can be charged for this information and that agencies must make contact information for payment requests readily available on their websites.

The bill also amends existing provisions regarding retainage in public contracts. It maintains the maximum retainage limit of five percent and requires that all retainage be released within 60 days after substantial completion. A new insertion clarifies that prohibiting or delaying the submission of invoices is contrary to public policy and thus void and unenforceable. This provision is also included in the amendments to section 337.10, which governs progress payments and retainages in building and construction contracts, ensuring consistency across public contracting laws.

Statutes affected:
Introduction: 15.72, 337.10
1st Engrossment: 15.72, 337.10