Louisiana Gov. John Bel Edwards (D) signed Act No. 566 into law, amending a statute to indicate that payment from a public entity to a contractor is considered late—and interest begins to accrue—45 days following receipt of a proper request for payment. The daily interest rate is set at 0.5 percent, with a ceiling of 15 percent. Within 10 days, interest payments must be disbursed on a prorated basis among the contractor and subcontractors in proportion to the principal amount due.
Louisiana Gov. John Bel Edwards (D) signed Act No. 566 into law, amending a statute to indicate that payment from a public entity to a contractor is considered late 45 days following receipt of a proper request for payment.
