SB1382 97TH GENERAL ASSEMBLY

LRB097 06732 PJG 46820 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1382

Introduced 2/9/2011, by Sen. Martin A. Sandoval

SYNOPSIS AS INTRODUCED:

30 ILCS 550/4 new

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Public Construction Bond Act is amended by adding Section 4 as follows:

(30 ILCS 550/4 new)

Sec. 4. Subcontractor bond. A contractor who has entered into a contract for public work of any kind for the State or for a political subdivision of the State may not require a person furnishing material or performing labor as a subcontractor on the contract to post a bond to guarantee the subcontractor's completion of a project or to pay for a share of a bond required under this Act.

Section 99. Effective date. This Act takes effect upon becoming law.