Shown verbatim: the complete text as captured from the official source posted by the New York State Senate, fetched 2026-08-11. Nothing is edited or removed. Where this bill amends existing law, language marked for deletion in the official source appears here in brackets. The official bill page.
S T A T E O F N E W Y O R K
________________________________________________________________________
5405
2025-2026 Regular Sessions
I N A S S E M B L Y
February 13, 2025
___________
Introduced by M. of A. HUNTER -- read once and referred to the Committee
on Economic Development
AN ACT to amend the general business law, in relation to void provisions
in construction contracts
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 757 of the general business law is amended by
adding a new subdivision 5 to read as follows:
5. A PROVISION, COVENANT, CLAUSE OR UNDERSTANDING IN, COLLATERAL TO OR
AFFECTING A CONSTRUCTION CONTRACT REQUIRING RETAINAGE AS EXPRESSLY
PROVIDED FOR BY SECTION SEVEN HUNDRED FIFTY-SIX-C OF THIS ARTICLE IN AN
AMOUNT EXCEEDING FIVE PERCENT OF THE CONTRACT SUM.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09177-01-5Every fact on this page links to its source, starting with the official bill record.