Yesterday, Governor Newsom announced that he has signed UCON's “5% Retention Cap Bill,” AB 2173 by Assemblymember Cottie Petrie-Norris (D-Laguna Beach).
The current public works 5% retention cap statute was set to expire at the end of this year. Now that AB 2173 has been signed by the Governor, the 5% public works retention cap policy is placed into California law for perpetuity.
We would like to thank Assemblymember Cottie Petrie-Norris and her staff for all of their hard work in getting AB 2173 passed into law. Assemblymember Petrie-Norris is a long-time industry supporter and we truly appreciate her continued efforts in making prompt and fair payment in the construction industry a priority.
Especially, we would like to thank all of you - our contractors and other industry leaders who urged Governor Newsom to sign this important bill.
Please find preformulated emails for other grassroots advocacy efforts including financial relief for extraordinary material cost escalations and tax relief for COVID paid leave on our website: Take Action.
Together, we can make vital and positive change in our industry and in the State of California.