The 2021 Florida Senate Invoice 378 grew to become efficient as of July 1, 2021, and applied main modifications for house owners, municipalities, and different native authorities entities that pay contractors for development providers in Florida, for contracts signed on or after July 1, 2021. The Invoice amended a number of key provisions in Florida Statutes that govern cost for development providers in Florida. Homeowners, municipalities, and different native authorities entities that have interaction contractors ought to pay attention to the next modifications within the legal guidelines as of July 1:
- The modification to Florida Statute § 218.735(9), which gives for well timed cost for development providers from native authorities entities, will increase the rate of interest to be charged on late funds from 1 % to 2 %, or the speed supplied within the development contract, whichever is bigger;
- The modification to Florida Statute § 255.071(1), which gives for cost of undisputed quantities to subcontractors, sub-subcontractors, materialmen and suppliers on development contracts for public initiatives, gives that any particular person, agency or contractor who knowingly and deliberately fails to make required funds commits misappropriation of development funds, a felony below Fla. Stat. § 713.345;
- The modification to Florida Statute § 489.129(r), which governs licensure for Florida contractors, gives that anybody who commits misapplication of development funds in violation of Fla. Stat. § 713.345 shall have his or her license suspended for at least one 12 months from the conviction date. License suspension isn’t an unique treatment, which means the licensing board additionally has the discretion to impose further penalties.
- The modification to Florida Statute § 715.12, the Development Contract Immediate Fee Regulation, gives for curiosity to be charged on all late funds for development providers on the price supplied in Fla. Stat. § 55.03, plus a further 12 % yearly, starting on the 14th day after cost is due.