IL HB2615

Amends the Mechanics Lien Act by adding Section 5.1 to regulate waivers and releases of lien rights in construction projects.

Prohibits owners, contractors, and subcontractors from waiving or impairing other claimants' lien rights through contract unless the claimant executes a written waiver in the statutory form and receives payment.

Establishes two statutory waiver forms: a conditional waiver (effective only upon receipt of payment) and an unconditional waiver (asserting payment has been received), each with specific required language and exceptions.

Requires payment evidence for conditional releases, which can be demonstrated either by claimant endorsement on a paid check or written acknowledgment of payment.

Permits claimants to reduce or release stop payment notices in writing without using the statutory form, and preserves enforceability of settlement agreements and accords and satisfactions that specifically reference the lien or claim.