(20 ILCS 2705/2705-620)

(Section scheduled to be repealed on December 31, 2024)

Sec. 2705-620. Bond Reform in the Construction Industry Task Force.

(a) There is created the Bond Reform in the Construction Industry Task Force consisting of the following members:

(1) the Governor, or his or her designee;

(2) the State Treasurer, or his or her designee;

(3) the Director of Insurance, or his or her designee;

(4) 2 members appointed by the Speaker of the House of Representatives;

(5) 2 members appointed by the Minority Leader of the House of Representatives;

(6) 2 members appointed by the President of the Senate;

(7) 2 members appointed by the Minority Leader of the Senate; and

(8) 7 members representing the construction industry appointed by the Governor.

The Department of Transportation shall provide administrative support to the Task Force.

(b) The Task Force shall study innovative ways to reduce the cost of insurance in the private and public construction industry while protecting owners from risk of nonperformance. The Task Force shall consider options that include, but are not limited to, owner-financed insurance instead of contractor-financed insurance and alternative ways to manage risk other than bonds or other insurance products.

(c) The Task Force shall report its findings and recommendations to the General Assembly no later than July 1, 2024.

(d) This Section is repealed December 31, 2024.

(Source: P.A. 102-1065, eff. 6-10-22; 103-563, eff. 11-17-23.)