HB 480

Amend KRS 45A.035 to require the Finance and Administration Cabinet to promulgate administrative regulations to establish policies regarding timely payments, partial payments, reimbursement, and payment resolution process; create a new section of KRS Chapter 45A to require terms included in state government contracts to address timely payments, partial payment, a payment process for disbursement of funds, payment schedule, and a payment resolution process; establish timely payment policies to provide that all undisputed amounts shall be paid within 30 business days of receipt of the goods, services, invoice, or in accordance with the terms of the contract; provide interest penalties for undisputed amounts that are not timely paid ; require any invoices that are submitted by a contractor or vendor outside of the 10 calendar days correction period to be considered a new invoice for the purpose of calculation of the late payment fee pursuant to KRS 45.454; require the Finance and Administration Cabinet to promulgate administrative regulations to establish a payment resolution process; define "purchasing agency"" and ""undisputed amount""; require the Finance and Administration Cabinet to submit a report every 6 months to the Legislative Research Commission detailing late payment contract disputes."