PROMPT PAYMNT-INTEREST PENALTY

Amends the State Employees Group Insurance Act of 1971. Provides that interest penalties that may be payable under the Act, as provided under specified Sections of the Illinois Insurance Code, shall be paid from a separate appropriation from each fund for such purpose and for each appropriated agency. Amends the State Budget Law. Provides that for the fiscal year beginning July 1, 2018, and for each fiscal year thereafter, the budget shall include a separate line item request appropriating moneys to each State agency for estimated costs for each fund under the State Prompt Payment Act and specified Sections of the Illinois Insurance Code. Amends the State Finance Act. Provides that the sum of transfers among line item appropriations for an agency in a fiscal year shall not exceed 2% of the aggregate amount appropriated to it within the same treasury fund for, among other objects, late interest penalties under the State Prompt Payment Act and specified Sections of the Illinois Insurance Code. Provides that if lump sum appropriations are enacted with a separate line item for late interest penalties under the State Prompt Payment Act and the Illinois Insurance Code, the 2% transfer authority shall apply to the aggregate amount of these appropriations. Amends the State Prompt Payment Act to provide that interest penalties that may be payable under the Act and under specified Sections of the Illinois Insurance Code shall be paid from a separate appropriation from each fund for such purpose and for each appropriated agency. Effective immediately.