IL HB4600

Creates the Bond Reform in the Construction Industry Task Force to study ways to reduce insurance costs in private and public construction while protecting owners from nonperformance risk, only if House Bill 5412 becomes law.

Task Force shall consider owner-financed insurance alternatives and risk management options other than bonds or insurance products, and report findings to the General Assembly by March 1, 2023; repeals December 31, 2023.

Primary contractors on private construction projects exceeding $20,000 are liable for unpaid wages, fringe benefits, interest, penalties, and attorney's fees owed by subcontractors at any tier, effective July 1, 2022.

Exempts primary contractors operating under collective bargaining agreements and those performing alteration or repair work on existing single-family dwellings or single residential units from primary contractor liability.

Requires written notice to employer and primary contractor before civil action; claims must be filed with Department of Labor or circuit court within 3 years of when wages were due.