Construction Trust Act; moneys paid under a contract by an owner to a contractor. (SB272)
Introduced By
Sen. Chap Petersen (D-Fairfax)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Construction Trust Act. Provides that any moneys paid under a contract by an owner to a contractor, or by the owner or contractor to a subcontractor for work done or materials furnished for or about a building by any subcontractor, shall be strictly accounted for and held in trust by the contractor or subcontractor, as trustee, for those subcontractors who did work or furnished materials, for purposes of paying those subcontractors. Under the bill, any officer, director, or managing agent of any contractor or subcontractor who knowingly retains or uses such moneys held in trust for any purpose other than to pay the subcontractors for whom the moneys are held in trust shall be personally liable to any person damaged by the action and for reasonable attorney fees incurred. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/05/2018 | Prefiled and ordered printed; offered 01/10/18 18101657D |
01/05/2018 | Referred to Committee for Courts of Justice |
01/22/2018 | Impact statement from DPB (SB272) |
01/31/2018 | Continued to 2019 in Courts of Justice (15-Y 0-N) (see vote tally) |
11/30/2018 | Left in Courts of Justice |