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IN HB1508
Bill
Status
4/30/2015
Primary Sponsor
Heath VanNatter
Click for details
AI Summary
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Effective July 1, 2015, prohibits local units from requiring Class 1 or Class 2 land developers to obtain performance bonds before recording an approved secondary plat, except for work within existing public right-of-way or erosion control.
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Limits maintenance bonds to a maximum effective period of three years for Class 1 or Class 2 structures.
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Allows local units to require performance bonds for incomplete streets, utilities, sidewalks, landscaping, and erosion control after secondary plat approval, with bonds based on engineer's estimates or actual contract amounts.
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Requires performance bond provisions to include full release upon completion and partial annual release schedules agreed to in writing by both the local unit and land developer.
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Restricts performance bond requirements to land actually under development, excluding adjacent undeveloped land except where necessary for site access or utility services.
Legislative Description
Performance bonds of land developers. Prohibits a unit of local government from adopting or enforcing an ordinance, rule, or other policy requiring a land developer of Class 1 or Class 2 structures to do the following: (1) With certain exceptions, obtain a performance bond or other surety before an approved secondary subdivision plat is recorded. (2) Obtain a maintenance bond that has an effective period of greater than three years. Authorizes a unit of local government to require the land developer, as a condition precedent to recording the secondary plat, to obtain a performance bond or other surety for incomplete
Last Action
Public Law 105
4/30/2015