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

Bill Has Failed

History

DateAction
01/05/2018Prefiled and ordered printed; offered 01/10/18 18101657D
01/05/2018Referred to Committee for Courts of Justice
01/22/2018Impact statement from DPB (SB272)
01/31/2018Continued to 2019 in Courts of Justice (15-Y 0-N) (see vote tally)
11/30/2018Left in Courts of Justice

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