IL HB4531

Amends the Public Construction Bond Act, Counties Code, and Illinois Municipal Code to allow counties and municipalities to require irrevocable letters of credit or surety bonds from builders and developers to guarantee project completion.

Removes previous restrictions that prohibited requiring cash bonds when builders or developers had already filed alternative security with local government clerks.

Requires counties and municipalities to register received bonds by project address and construction permit number, and provide receipts to builders or developers.

Mandates release of bonds within 60 days after written notice of project completion, with completion verified by the county/municipality or by licensed engineer or architect certification that work meets applicable codes and ordinances.

Requires counties and municipalities to pay 1% monthly interest on unreleased bonds beginning 60 days after completion notification, and eliminates provisions requiring separate accounts for cash bonds and home rule restrictions on bond requirements.