The bill amends section 4113.61 of the Revised Code to enforce stricter payment timelines for contractors involved in private construction projects. It requires private owners to pay contractors within specified timeframes after receiving a written request for payment, with payments due within thirty days after certification of compliance for work needing municipal or county approval, and within thirty days for all other work. If a private owner fails to meet these deadlines, they will incur an interest penalty of eighteen percent per annum on the overdue amount. The bill also establishes payment obligations for contractors to subcontractors and material suppliers, mandating payments within ten calendar days of receiving payment from the owner, and introduces provisions for retainage payments along with interest penalties for late payments.

Additionally, the bill clarifies definitions related to construction and labor, including terms such as "contractor," "laborer," and "owner," while distinguishing between "private owner" and "public owner." It expands the definition of "well or mine services" to cover various activities in oil, gas, and mineral production. The bill repeals the existing section 4113.61, potentially removing outdated provisions, and the new definitions and changes will take effect six months after the bill's effective date, providing stakeholders time to adapt to the revised legal framework.

Statutes affected:
As Introduced: 4113.61
As Reported By House Committee: 4113.61