House Bill 1696 amends Tennessee Code Annotated, specifically Sections 12-4-703 and 12-4-704, to modify the timeline for public contract payments and introduce new reporting requirements for state agencies. The bill reduces the timeframe for making payments from "forty-five (45) days" to "thirty (30) days." Additionally, it establishes a new subsection requiring agencies that make payments under Section 12-4-703 to report annually, starting January 10, 2027, on the number and amount of late payments, as well as the interest paid on those late payments.

The reports must detail the number of outstanding late payments and the total amount of such payments, including any unpaid interest. These reports are to be submitted to the chairs of the relevant committees in both the Senate and the House of Representatives that oversee public contracts. The act is set to take effect upon becoming law, emphasizing the importance of timely payments and transparency in public contracting processes.

Statutes affected:
Introduced: 12-4-703, 12-4-704