HB622
Log in to followAN ACT relating to fiscal matters and declaring an emergency.
Amend KRS 45A.030 to expand the definition of "contract"; amend KRS 45A.035 to require promulgation of administrative regulations to establish policies regarding timely payments under contracts; create a new section of KRS Chapter 45A to establish timely payment penalty and procedures; require the Finance and Administration Cabinet to submit a detailed report of interest penalties and reimbursement payments every six months due to payments not timely made to the Legislative Research Commission; EMERGENCY.
Introduced: February 18, 2025
Last action: April 10, 2025
In effect since April 10, 2025
This act carries an emergency clause, so it took effect as soon as it became law instead of waiting the usual 90 days after the session adjourned (Ky. Constitution § 55).
Plain-language summary
This bill expands the legal definition of "contract" used in state purchasing rules and requires state agencies to follow regulations ensuring they pay vendors and contractors on time. It also creates penalties when the state makes late payments and requires the Finance and Administration Cabinet to report those penalties to the legislature every six months. Who it may affect: businesses and contractors that have contracts with Kentucky state government, and state agency administrators responsible for purchasing and payments.
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Legislative History
Primary Sponsor
Co-sponsors (11)
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