NC H489

Authorizes the Legislative Research Commission to study North Carolina's mechanics' lien and bond laws and propose recommendations for modernization.

Commission may consider hidden mechanics' liens, filing requirements for Notices of Commencement, protecting contractors from double liability on payment bonds, and addressing bankruptcy court rulings affecting subcontractor liens.

Commission authorized to examine issues including small liens blocking larger pay applications, lien waiver standards, Notice of Contract problems for replacement contractors, and creating standard statutory forms for lien waivers.

Commission may consider providing equal mechanics' lien priority dates for all contractors who comply with statutory requirements, savings clauses for late filings, and carve-outs for owner-builder residential projects.

Commission shall provide interim report to 2012 Regular Session and final report to 2013 General Assembly; effective upon passage.