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Senate committee raises retained-escrow threshold from $500,000 to $2 million
Summary
The Senate standing committee on Economic Development, Tourism & Labor advanced legislation to increase the contract price threshold that triggers retained-escrow protections for property-improvement contracts and to bar contract provisions that waive those escrow requirements.
Senator Greg Elkins, District 28, told the Senate standing committee on Economic Development, Tourism & Labor that he was presenting a bill to amend state law so higher-value construction contracts trigger retained-escrow protections. "We're here to ask, or to present bill that would amend KRS 371.160," Elkins said, explaining the proposal raises the minimum contract price that requires escrowed retainage from $500,000 to…
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