PUB CONSTRUCTION BOND-SURETY House SponsorsRep. Daniel V. Beiser and John M. Cabello Senate Sponsors(Sen. William R. Haine) 8/22/2014HousePublic Act . . . . . . . . . 98-1018 30 ILCS 550/1from Ch. 29, par. 15 Amends the Public Construction Bond Act. Provides that the surety on a bond shall be a company with a certificate of authority from the Department of Insurance specifically authorizing it to execute surety bonds and a financial strength rating of at least A as rated by A.M. Best or a similar rating agency. Effective immediately.House Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the Public Construction Bond Act. Provides that the surety on a bond shall be a company with a certificate of authority from the Department of Insurance specifically authorizing it to execute surety bonds and a financial strength rating of at least A- (rather than a financial strength rating of at least A) as rated by A.M. Best or a similar rating agency. Effective immediately.House Floor Amendment No. 2 Provides that the surety shall have a financial strength rating of at least A- as rated by A.M. Best Company, Inc., Moody's Investors Service, Standard & Poor's Corporation, or a similar rating agency (in House Amendment 1, A.M. Best or a similar rating agency). 2/5/2014HouseFiled with the Clerk by Rep. Daniel V. Beiser 2/7/2014HouseFirst Reading 2/7/2014HouseReferred to Rules Committee 2/19/2014HouseAdded Co-Sponsor Rep. John M. Cabello 2/27/2014HouseAssigned to State Government Administration Committee 2/28/2014HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Daniel V. Beiser 2/28/2014HouseHouse Committee Amendment No. 1 Referred to Rules Committee 3/13/2014HouseHouse Committee Amendment No. 1 Rules Refers to State Government Administration Committee 3/20/2014HouseHouse Committee Amendment No. 1 Adopted in State Government Administration Committee; by Voice Vote 3/20/2014HouseDo Pass as Amended / Short Debate State Government Administration Committee; 018-000-000 3/21/2014HousePlaced on Calendar 2nd Reading - Short Debate 3/24/2014HouseSecond Reading - Short Debate 3/24/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/25/2014HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Daniel V. Beiser 3/25/2014HouseHouse Floor Amendment No. 2 Referred to Rules Committee 3/26/2014HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000 4/3/2014HouseRecalled to Second Reading - Short Debate 4/3/2014HouseHouse Floor Amendment No. 2 Adopted 4/3/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/4/2014HouseThird Reading - Short Debate - Passed 109-000-000 4/7/2014SenateArrive in Senate 4/7/2014SenatePlaced on Calendar Order of First Reading April 8, 2014 4/8/2014SenateChief Senate Sponsor Sen. William R. Haine 4/8/2014SenateFirst Reading 4/8/2014SenateReferred to Assignments 5/1/2014SenateAssigned to State Government and Veterans Affairs 5/8/2014SenateDo Pass State Government and Veterans Affairs; 008-000-000 5/8/2014SenatePlaced on Calendar Order of 2nd Reading May 12, 2014 5/15/2014SenateSecond Reading 5/15/2014SenatePlaced on Calendar Order of 3rd Reading May 19, 2014 5/23/2014SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2014 5/30/2014SenateThird Reading - Passed; 057-000-000 5/30/2014HousePassed Both Houses 6/27/2014HouseSent to the Governor 8/22/2014HouseGovernor Approved 8/22/2014HouseEffective Date August 22, 2014 8/22/2014HousePublic Act . . . . . . . . . 98-1018