Illinois Senate Bill 1564 (Prior Session Legislation)

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Completed Legislative Action
Sponsorship: Partisan Bill (Republican 1)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Mechanics Lien Act. Provides that if questions arise between incumbrancers and lien creditors, all previous incumbrances shall be preferred to the extent of the value of the land at the time of making of the contract plus (instead of at the time of making of the contract, and the lien creditor shall be preferred to the value of the improvements erected on the premises) the value of the improvements paid for pursuant to the Act by said incumbrancer for the building erected, or materials furnished, and the lien creditor shall be preferred to the value of its share of the unpaid improvements erected on said premises. Adds provisions pertaining to surety bonds over: a recorded mechanics lien claim; a claim on funds in the hands of the owner; and on public construction funds. Provides procedures and requirements for filing surety bonds. Provides that a corporate surety bond for the purposes of these provisions shall meet specified requirements. Provides that a surety bond shall be in an amount equal to 1 1/2 times the amount of the mechanics lien or claim, plus costs, and include additional documents and information. Provides that for a condominium, the current owners and lenders of the condominium may be represented by the condominium association. Includes other provisions.

MECHANICS LIEN BONDING

Sen. Kirk Dillard [R]

Date	Chamber	Action
2013-01-08	Senate	Session Sine Die
2011-03-18	Senate	Rule 3-9(a) / Re-referred to Assignments
2011-03-10	Senate	To Judiciary Subcommittee on Civil Process and Procedure
2011-03-02	Senate	Assigned to Judiciary
2011-02-09	Senate	Referred to Assignments
2011-02-09	Senate	First Reading
2011-02-09	Senate	Filed with Secretary by Sen. Kirk W. Dillard

Chapter	Article	Section	Citation Type	Statute Text
770	60	16	Amended Code	Citation Text
770	60	38.5	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1564&GAID=11&DocTypeID=SB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/SB/09700SB1564.htm