New Law to Help IDOT Subcontractors - LAW OFFICE OF ELIAS M. GORDAN

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0 height="100%"><tr> <td valign="top" width=175 BGCOLOR="#A6CAF0" TEXT="#080000"> <div> <B> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="132" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" ALIGN="BOTTOM" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 35 ><NOBR><div> <IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="BOTTOM" HSPACE="0" VSPACE="0" WIDTH="21"></div> </NOBR></tD> <tD VALIGN=TOP><NOBR><div> <IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="BOTTOM" HSPACE="0" VSPACE="0" WIDTH="21"></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="20"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="35" ALIGN="bottom" WIDTH="20" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="BOTTOM" HSPACE="0" VSPACE="0" WIDTH="13"></div> </NOBR></tD> <tD VALIGN=TOP><NOBR><div> <IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="BOTTOM" HSPACE="0" VSPACE="0" WIDTH="27"></div> </NOBR></tD> </tR> </TABLE></B></div> <div> <B>© </B>2001 Elias M. Gordan</div> <div> All rights reserved</div> <bR> <div> <B>Law Office of</B></div> <div> <B>Elias M. Gordan</B></div> <div> Post Office Box 60</div> <div> Palos Park, IL  60464</div> <bR> <div> Phone  708.923.9735</div> <div> Email  gordanlaw@att.net</div> <div> Web    www.gordanlaw.com</div> <div> <A HREF="index.htm" TARGET="_top" TITLE="HOME PAGE LAW OFFICE OF ELIAS M. GORDAN"><U><B>HOME</B></U></A></div> <div> <A HREF="id24.htm" TARGET="_top" TITLE="LAW OFFICE OF ELIAS M. GORDAN About Us"><U><B>About Us</B></U></A></div> <div> <A HREF="id30.htm" TARGET="_top" TITLE="LAW OFFICE OF ELIAS M. GORDAN Links"><U><B>Links</B></U></A></div> <div> <A HREF="id26.htm" TARGET="_top" TITLE="LAW OFFICE OF ELIAS M. GORDAN Contact U"><U><B>Contact Us</B></U></A></div> <bR> <bR> <bR> </td> <td valign="top" BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <B>NEW IDOT SUBCONTRACTOR RETAINAGE LAW</B></div> <div> (C) 2001 Elias M. Gordan.  All rights reserved.</div> <bR> <div> (13 August 2001)       Governor Ryan signed HB 1904, the IDOT subcontractor bill, into law on August 7.  Of all the legislation we talked about this year, this is the only one to become law.  For a copy of the new law, Public Act 92-0270, go to </div> <div> <A HREF="http://www.legis.state.il.us/publicacts/pubact92/acts/92-0270.html" TARGET="_top" TITLE="http://www.legis.state.il.us/publicacts/"><U><U>http://www.legis.state.il.us/publicacts/pubact92/acts/92-0270.html</U></U></A><FONT SIZE="2" COLOR="#000000" FACE="Arial" > </FONT></div> <bR> <div>         Here are a few details of the changes:</div> <div> It took effect August 7, 2001.</div> <div> It applies to all IDOT subcontracts in effect on or after August 7.  Some of your current contracts may be eligible.</div> <div> It applies where the IDOT retainage is expected to be greater than or equal to $20,000.</div> <div> It allows for the retainage to be placed in an interest-bearing account, where the subcontractor gets the interest.</div> <div> The subcontractor has to ask for it, and has to pay any costs or service fees.</div> <div>  The contractor and the (proposed bank) trustee must OK it.</div> <bR> <div> For a list of other new laws and legislation, <FONT SIZE="2" COLOR="#0000BF" FACE="Arial" ><A HREF="id74.htm" TARGET="_top" TITLE="New Illinois Laws Relating to Constructi"><U>click here</U></A></FONT></div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B>DISCLAIMER</B></div> <div> The information contained in this guide is meant only to convey general information, and is not intended to serve as legal advice or counsel, nor is it meant to create an attorney-client relationship.  The information presented here is subject to change or modification that any time without notice, and may not apply to the specific facts of your case.  Accordingly, you should check with a with an attorney before acting on this information, to make sure that it applies to your situation.</div> <bR> <bR> <div> <A HREF="index.htm" TARGET="_top" TITLE="HOME PAGE LAW OFFICE OF ELIAS M. GORDAN"><U><B>BACK TO HOME PAGE AND RECENT NEWS</B></U></A></div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B>Law Office of Elias M. Gordan, </B><FONT SIZE="3" COLOR="#0000BF" FACE="Times New Roman" ><A HREF="http://www.gordanlaw.com" TARGET="_top" TITLE="http://www.gordanlaw.com"><U><B>http://www.gordanlaw.com</B></U></A></FONT><B> </B></div> <div> <B>Post Office Box 60, Palos Park, IL, 60464   </B><FONT SIZE="3" COLOR="#0000BF" FACE="Times New Roman" ><A HREF="http://www.gordanlaw.com/id26.htm" TARGET="_top" TITLE="http://www.gordanlaw.com/id26.htm"><U><B>email gordanlaw@att.net</B></U></A></FONT></div> <div> <B>708.923.9735</B></div> <div>  </div> </td> </tr></table></body>