SB157/HB2482 seeks to amend Section 1 (30 ILCS 550/1) of the Public Construction Bond Act, Illinois’ Little Miller Act, by raising the current bond threshold from $50,000 to $5,000,000. The legislation also creates a “self-insured risk pool” to pay claims or damages arising under a public works construction contract valued at $5,000,000 or less because of a contractor’s failure.
Topic
Advocacy, Contract Surety, Risk Management & Insurance
Publish Date
February 23, 2023
Region
Illinois, States
Audience
Agents, Owners, Sureties
Resource Type
Comment Letter, Resource Map
NASBP opposes HB 508 S3 which gives the UT Division of Facilities Construction Management the discretion to remove statutory performance and payment bonds.