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90_HB1111ham001
LRB9003240SMdvam01
1 AMENDMENT TO HOUSE BILL 1111
2 AMENDMENT NO. . Amend House Bill 1111 by replacing
3 the title with the following:
4 "AN ACT to amend the Mechanics Lien Act by adding Section
5 21.02."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Mechanics Lien Act is amended by adding
9 Section 21.02 as follows:
10 (770 ILCS 60/21.02 new)
11 Sec. 21.02. Construction trust funds.
12 (a) Money held in trust; trustees. Any owner,
13 contractor, subcontractor, or supplier of any tier who
14 requests or requires the execution and delivery of a waiver
15 of mechanics lien by any person who furnishes labor,
16 services, or materials for the improvement of a lot or a
17 tract of land in exchange for payment or the promise of
18 payment, shall hold in trust the unpaid sums subject to the
19 waiver of mechanics lien, as trustee for the person who
20 furnished the labor, services, or materials.
21 (b) How trust moneys held; commingling. Nothing
-2- LRB9003240SMdvam01
1 contained in this Section shall be construed as requiring
2 moneys held in trust by an owner, contractor, subcontractor,
3 or material supplier under this Section to be placed in a
4 separate account. If an owner, contractor, subcontractor, or
5 material supplier commingles moneys held in trust under this
6 Section with other moneys, the mere commingling of the moneys
7 does not constitute a violation of this Section.
8 (c) Violation of this Section. Any owner, contractor,
9 subcontractor, or material supplier who knowingly retains or
10 uses the moneys held in trust under this Section or any part
11 thereof, for any purpose other than to pay those persons for
12 whom the moneys are held in trust, shall be liable to any
13 person who successfully enforces his or her rights under this
14 Section for all damages sustained by that person.
15 Section 99. Effective date. This Act takes effect upon
16 becoming law.".