IL HB2804

Amends the Mechanics Lien Act to allow applicants to file a petition at any time to substitute a surety bond for property subject to a mechanics lien claim.

Establishes requirements for eligible surety bonds, including that they must be 150% of the lien claim amount, issued by an insurer rated A or better by A.M. Best Company, and remain in effect until the lien is satisfied or declared invalid.

Requires petitioners to serve notice on lien claimants, property owners, and other interested parties, with a 30-day objection period; if no objection is filed, the court shall enter an order substituting the bond for the property.

Provides that if an objection is filed, the petitioner bears the burden of proving prima facie that the bond is eligible, then the objector must prove the bond is inadequate, with attorney's fees awarded to the prevailing party.

Establishes that the principal and surety are jointly and severally liable to the lien claimant up to the bond's face amount, and that entry of an order substitutes the bond as security while preserving the lien claimant's remedies through an action on the bond.