Amends TCA Section 66-34-104.
As introduced, exempts a person from having to retain a certain amount or percentage of the price of a contract for the improvement of real property in a separate interest-bearing, escrow account with a third party if the party withholding the retained funds and the contractor to whom the funds are owed agree on another arrangement.
As introduced, exempts a person from having to retain a certain amount or percentage of the price of a contract for the improvement of real property in a separate interest-bearing, escrow account with a third party if the party withholding the retained funds and the contractor to whom the funds are owed agree on another arrangement.
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