HB 723: Construction Bonds
GENERAL BILL
by
McClain
Construction Bonds; Requires notice of nonpayment to be verified; provides notice of nonpayment requirements; provides that claimant or lienor who serves fraudulent notice of nonpayment shall be deprived of rights under bond; requires notice of nonpayment to be in prescribed form; provides that provision relating to attorney's fees applies to certain suits brought by contractors; deems contractors to be insureds or beneficiaries for certain purposes; provides that contractor may record notice identifying bond as conditional payment bond prior to project commencement in order for duty of surety to pay lienors to be coextensive with contractor's duty to pay.
Effective Date: 10/1/2018
Last Action:
3/10/2018
House -
Died in Careers and Competition Subcommittee
Bill Text:
PDF
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