IL HB5663

Amends the Mechanics Lien Act to require that a written and executed contract must exist between a contractor and property owner to establish lien rights.

Specifies that the Act applies only when there is a written and executed contract to improve land or manage a structure under construction on the property.

Defines "improve" to include furnishing labor, services, materials, fixtures, machinery, and performing work such as construction, alteration, repair, excavation, landscaping, and engineering services on real property.

Prohibits agreements to waive lien rights when made in anticipation of or as consideration for awarding a contract or subcontract, declaring such waivers against public policy and unenforceable.

Allows contractors and sub-contractors to take additional security without waiving lien rights unless expressly agreed to in writing by the parties.