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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1382 Introduced 2/9/2011, by Sen. Martin A. Sandoval SYNOPSIS AS INTRODUCED:
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Amends the Public Construction Bond Act. Provides that a contractor who has entered into a contract for public work for the State or a political subdivision of the State may not require a subcontractor to post a bond to guarantee completion of a project or to pay a share of any bond that the contractor is required to furnish. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB1382 | | LRB097 06732 PJG 46820 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Public Construction Bond Act is amended by |
| 5 | | adding Section 4 as follows:
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| 6 | | (30 ILCS 550/4 new) |
| 7 | | Sec. 4. Subcontractor bond. A contractor who has entered |
| 8 | | into a contract for public work of any kind for the State or |
| 9 | | for a political subdivision of the State may not require a |
| 10 | | person furnishing material or performing labor as a |
| 11 | | subcontractor on the contract to post a bond to guarantee the |
| 12 | | subcontractor's completion of a project or to pay for a share |
| 13 | | of a bond required under this Act.
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| 14 | | Section 99. Effective date. This Act takes effect upon |
| 15 | | becoming law.
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