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Illinois Bill for Subdivision Bonds Fails to Pass the House

Tuesday, May 1, 2018  
Illinois Bill for Subdivision Bonds Fails to Pass the House 

Illinois HB 4531 would have amended the Illinois Public Construction Bond Act and related county and municipal codes. The existing law is generally understood to pertain to instruments securing subdivision related work. Surety bonds, among other security, are accepted to meet the existing requirements for subdivisions. The bill would have removed a home rule preemption clause in current law, and would have eliminated a requirement for counties or municipalities with a population under one million people to approve the surety on the bond. The bill also would have removed cash bonds and filed security as options for subdivision improvement performance security. The bill failed to pass the House.

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