PROMPT PAYMENT-INTEREST

Amends the State Prompt Payment Act. Provides that interest penalties amounting to $50 or more (instead of interest and penalties in any amount) shall be paid automatically. Provides that, for interest of at least $5 but less than $50, the vendor must initiate a written request for the interest penalty when the interest is due and payable. Provides that the Department of Central Management Services and the State Comptroller shall jointly promulgate rules establishing the conditions under which interest of less than $5 may be claimed and paid. Provides that the State Comptroller, in conjunction with the Department of Central Management Services, shall submit a report concerning the processing of interest penalty payments to the General Assembly no later than January 31, 2011. Provides that the report must include certain information. Effective 30 days after becoming law.