CONTRACTOR PROMPT PAYMENT ACT

Creates the Contractor Prompt Payment Act. Provides that all construction contracts, unless expressly excluded, shall be deemed to provide: (i) if a contractor has performed in accordance with the provisions of a construction contract and the billing has been approved by the owner or the owner's agent, the owner shall pay the amount due to the contractor pursuant to the billing not more than 10 calendar days after the approval; and (ii) if a subcontractor has performed in accordance with the provisions of his or her contract with the contractor or subcontractor and the work has been accepted by the owner, the owner's agent, or the contractor, the contractor shall pay to his or her subcontractor and the subcontractor shall pay to his or her subcontractor, within 10 calendar days of the contractor's receipt from the owner or the subcontractor's receipt from the contractor of each periodic payment, final payment, or receipt of retainage monies, the full amount received for the work of the subcontractor based on the work completed or the services rendered under the construction contract. Provides for interest and suspension of performance for nonpayment of any amount required under the Act. Effective immediately.