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NY S04840
Bill
Status
2/13/2025
Primary Sponsor
Patricia Fahy
Click for details
AI Summary
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Requires private entities undertaking public improvements costing over $250,000 (where no public fund exists) to post a surety bond issued by a New York-licensed surety or an irrevocable letter of credit
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The bond or letter of credit must equal the full cost of the construction work
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The financial guarantee must ensure prompt payment to contractors, subcontractors, and all persons furnishing labor or materials for the public improvement
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Updates gendered language in existing lien law from "his or her" to "their"
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Applies to contracts entered into on or after the effective date of the legislation
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
1/7/2026