IL HB2501

Amends the Mechanics Lien Act to prohibit agreements that require contractors or subcontractors to waive or subordinate their lien rights as a condition for receiving a contract, subcontract, or payment

Declares such pre-work lien waiver agreements against public policy and unenforceable, whether the waiver terms are conditional or unconditional

Expands existing protections by adding "payment" to the list of considerations that cannot be conditioned on lien waiver agreements

Preserves the ability to release liens under Section 35(b) of the Act after work is performed

Allows mechanics lien subordination to construction loan mortgages only after more than 50% of the loan has been disbursed for property improvements