HB668 Summary

• Establishes that future advances secured by a mortgage recorded prior to a notice of commencement take priority over mechanics' and materialmen's liens.

• Requires mechanics' or materialmen's liens to be recorded in the county where the real property is situated and preceded by a recorded notice of commencement to have priority over subsequent liens and encumbrances.

• Specifies requirements for a notice of commencement including property description, contracting owner/tenant information, contractor/claimant information, and a statement about lien priority; sets default duration of three years (one year for residential property) unless otherwise stated.

• Permits a claimant to record a notice of commencement if the owner/tenant fails to do so, with specified contents and a one-year duration.

• Establishes procedures for contractors and contracting owners/tenants to terminate a notice of commencement, including recording requirements, notification to claimants, and newspaper publication with a minimum 30-day notice period.