The Senate has passed legislation sponsored by Senator Tim Bivins that could save the state as much as $47.4 million per year by simply requiring the Illinois Comptroller to use electronic funds transfer instead of paper checks to pay interest on the state’s overdue bills.
“In encouraging the state to pay its bills on time, a change in Illinois’ Prompt Payment Act has inadvertently generated a lot of headaches and ended up wasting state resources,” Senator Bivins said. “The State Comptroller’s office and I have come up with a good bill that will streamline the process and save the state a lot of money.”
Senate Bill 1728 requires the Illinois State Comptroller to send interest payments to vendors by direct deposit.
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