(1) A licensed contractor must compensate a subcontractor or supplier, unless there is a bona fide dispute regarding the amount due, if any, for services, labor, or materials:
(a) Within 45 days after receiving payment for the services performed or materials supplied by the subcontractor or supplier; or
(b) In accordance with the terms of the contract for such services, labor, or materials.
(2) A licensed contractor who knowingly or willfully violates this section is subject to disciplinary proceedings as provided in s. 489.129.
