California Prompt Payment Act: nonprofit organizations.

The California Prompt Payment Act requires a state agency that awards a grant or that acquires property or services pursuant to a contract to make timely payments pursuant to the grant or contract. The act requires, to avoid late payment penalties, a state agency to make payment within 45 days of the receipt of an undisputed invoice, as prescribed. The act provides an exception from those penalty provisions if the grant or contract was awarded to a nonprofit organization in an amount less than $500,000. The act defines the term "grant" to mean a signed final agreement between any state agency and a local government agency or organization authorized to accept grant funding for victim…