The final stage of the Construction Contracts (Amendment) Bill was passed, on 18 January 2011.
Finance Minister Sammy Wilson described the bill as a "short but necessary piece of legislation".
The bill amends the Construction Contracts (Northern Ireland) Order 1997 and replicates recent amendments to the originating legislation made in Westminster for England and Wales.
The amendments seek to avoid arbitration by further regulating payment practices in the construction industry.
Mr Wilson said the bill would ensure cash flow for small business by increasing the process of transparency and allowing for removal of services if payment was not received.
The SDLP's Declan O'Loan referred to the consultation process which he said was "modest" but allowed for the airing of diverse opinion.