Prohibits the retention of any amount of payment due and owing for materials delivered and accepted for a public or private construction project

This bill amends state laws to prevent public and private construction owners from withholding payment for building materials that have already been delivered, accepted, and meet quality standards. Under the new rules, owners must pay in full for these specific materials, which are defined as those covered by a manufacturer's warranty or graded to industry standards, rather than keeping them back as part of a general progress payment holdback. The legislation also clarifies that contractors cannot use the lack of full payment from an owner as an excuse to delay paying their own subcontractors and suppliers. Additionally, the bill mandates that contractors pay subcontractors within seven days of receiving funds from the owner and imposes interest charges if this deadline is missed.