It is a felony for a person, firm, or corporation, or an agent, officer, or employee thereof, who receives any payments on account of improving real property to not apply such portion of any payment to the payment of all amounts then due and owing for services and labor which were performed on, or materials which were furnished for, such improvement prior to receipt of the payment. This does not, however, prevent any person from withholding any payment, or any part of a payment, in accordance with the terms of a contract or pursuant to a bonafide dispute regarding the amount due. There is no private right of action for the misappropriation of construction funds.