2001 REGULAR SESSION (71st)                                                                       A SB274 R1 837

Amendment No. 837

 

 

 

     Amend sec. 5, page 1, line 15, by deleting “into a” and inserting:

“into:

     (a) A”.

     Amend sec. 5, page 1, by deleting lines 17 through 19 and inserting:

“the contractor or higher-tiered subcontractor shall pay the subcontractor:

          (1) On or before the date payment is due; or

          (2) Within 10 days after the date the contractor or higher-tiered subcontractor receives payment for all or a portion of the work, labor, materials, equipment or services described in a request for payment submitted by the subcontractor,

FLUSH

whichever is earlier.

     (b) A written subcontract that does not contain a schedule for payments, or a subcontract that is oral, the”.

     Amend sec. 5, page 1, line 21, by deleting “(a)” and inserting “(1)”.

     Amend sec. 5, page 2, line 1, by deleting “(b)” and inserting “(2)”.

     Amend sec. 6, page 5, by deleting line 15 and inserting:

“of the subcontractor or lower-tiered subcontractor stopping his work or terminating a subcontract for reasonable cause and in”.

     Amend sec. 11, page 10, by deleting lines 37 and 38 and inserting:

“as a result of the contractor, subcontractor or lower-tiered subcontractor stopping his work or terminating a contract for reasonable cause and in accordance with this section or section 6 of this act.”.

     Amend sec. 12, page 10, lines 41 and 42, by deleting:

“or remodeling of a building” and inserting:

“[or remodeling of a building] of a work of improvement”.

     Amend sec. 12, page 10, line 43, after “Occupancy” by inserting:

“or use of the work of improvement”.

     Amend sec. 12, page 10, line 45, by deleting:

“constructed or remodeled building” and inserting:

“[constructed or remodeled building] work of improvement”.

     Amend sec. 12, page 10, by deleting lines 48 and 49 and inserting:

“[building became available.

     2.  The] work of improvement became available for use or occupancy.

     2.  If the owner has complied with subsection 3, the owner may:”.

     Amend sec. 12, page 12, after line 25, by inserting:

     “8.  As used in this section, unless the context otherwise requires, “work of improvement” has the meaning ascribed to it in NRS 108.221.”.

     Amend the bill as a whole by adding a new section designated sec. 13, following sec. 12, to read as follows:

     “Sec. 13. NRS 99.040 is hereby amended to read as follows:

     99.040  1.  When there is no express contract in writing fixing a different rate of interest, interest must be allowed at a rate equal to the prime rate at the largest bank in Nevada, as ascertained by the commissioner of financial institutions, on January 1 or July 1, as the case may be, immediately preceding the date of the transaction, plus 2 percent, upon all money from the time it becomes due, in the following cases:

     (a) Upon contracts, express or implied, other than book accounts.

     (b) Upon the settlement of book or store accounts from the day on which the balance is ascertained.

     (c) Upon money received to the use and benefit of another and detained without his consent.

     (d) Upon wages or salary, if it is unpaid when due, after demand therefor has been made.

FLUSH

The rate must be adjusted accordingly on each January 1 and July 1 thereafter until the judgment is satisfied.

     2.  The provisions of this section do not apply to money owed:

     (a) For the construction [or remodeling of a building] of a work of improvement pursuant to NRS 624.620; or

     (b) By a contractor to his subcontractor pursuant to NRS 624.630.”.