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CONTACT
House Business Affairs Committee Members
ASK for their YES Vote on HB10 1162
HB10 1162, Retainage Reform scheduled to be heard
House Business Affairs Committee
Wednesday, February 3, 2010
1:30 p.m. ~ first on the docket
RETAINAGE Reform
Click Here for HB10-1162
Click Here for the Fact Sheet HB10-1162
Sponsors
Representative John Soper & Senator Bob Bacon
HB10 1162 Real Retainage Reform
Real Retainage Reform is good for business and good for Colorado
Real Retainage Reform strengthens and saves business
Real Retainage Reform puts Coloradans to work
Real Retainage Reform hastens economic recovery
HB10 1162 IS Real Retainage Reform
ASAC focused on retainage reform as that area where contractors/subs would realize immediate financial relief thru the reduction of retainage. By placing retainage in an escrow/trust account retainage would continue to be carried as an asset, opposed to a receivable/liability and would therefore strengthen the financial health of Colorado construction businesses.
The option to provide securities in lieu of retainage allows business to hold on to their cash and yet provide upstream parties the cover they voice they need to guarantee performance. The option of a retainage bond is available and affordable.
The language of HB10 1162 is not new language, but is taken from state statutes across the country who have demonstrated experience in the areas covered by HB10 1162. Further, retained funds are earned revenues being withheld from approved progress payments and are monies that belong to the contractor/sub, monies that should work for them not against them.
Cash is the only thing keeping many construction businesses afloat during the economic downturn. Cash is payroll and payroll are jobs. Putting people to work will facilitate and hasten economic recovery.
House Business Affairs Committee
Chairman Joe Rice (D) 303-866-2953
V-Chair Sara Gagliardi (D) 303-866-2962
David Balmer (R) 303-866-2935
Laura Bradford (R) 303-866-2583
Edward Casso (D) 303-866-2964
Andy Kerr (D) 303-866-2923
Larry Liston (R) 303-866-2965
Karen Middleton (D) 303-866-3911
Kevin Priola (R) 303-866-2912
John Soper* (D) 303-866-2931
Amy Stevens (R) 303-866-2924
(*Rep. Soper is our sponsor for our legislation)
For more information: Call Corky Kyle, ASAC Dir. Of Government Relations, 303-263-5422, Richard Forsberg, ASAC President, 303-818-6364, or Rob Wilson, ASAC Past President, 303-513-5352.
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