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NY S03551

Bill

Official Source

Status

Engrossed

5/30/2024

Primary Sponsor

Neil Breslin

Click for details

Origin

Senate

2023-2024 General Assembly

AI Summary

  • Amends the lien law to require a surety bond or irrevocable letter of credit when no public fund has been established for a public improvement with estimated costs exceeding $250,000
  • Requires the chief financial officer of the public owner to mandate the private entity undertaking the public improvement to post the bond or letter of credit
  • Surety bond must be issued by a surety duly licensed in New York and be in an amount equal to the cost of the construction work
  • Bond guarantees prompt payment to contractors, subcontractors, and all persons furnishing labor or materials to the project
  • Takes effect immediately and applies to contracts entered into on or after the effective date

Legislative Description

Requires a surety bond for contractors and subcontractors where no public fund has been established for the financing of a public improvement.

Last Action

referred to judiciary

5/30/2024

Committee Referrals

Judiciary5/30/2024
Judiciary1/31/2023

Full Bill Text

No bill text available