AB 1885: Public contracts: retention proceeds.

This bill repeals provisions related to the retention of proceeds from public contracts, specifically allowing state agencies to pay retention proceeds directly to a state- or federally chartered bank. It also prohibits state agencies from withholding retention proceeds when making progress payments to contractors for work performed on public works contracts. Additionally, the bill requires state agencies to notify the legislature's policy committees if retention was not withheld, potentially compromising their interests. The bill ensures that the rights and obligations of original contractors, subcontractors, and their subcontractors are not altered or impaired in the construction of public works.