OK SB1053

Amends Oklahoma law (61 O.S. 2011, Sections 1 and 2) to require surety bonds or irrevocable letters of credit for construction contracts exceeding $50,000 for public or private buildings, structures, or improvements on public real property.

Contractors awarded such contracts must furnish either a bond with sureties equal to the total contract sum or an irrevocable letter of credit issued by a federally insured financial institution in an equivalent amount.

For contracts not exceeding $50,000, contractors may submit an affidavit certifying payment of all indebtedness to subcontractors and suppliers; false statements constitute perjury.

Expands bonding requirements to include public-private partnership projects and specifies that subcontractors at any tier may pursue claims against payment bonds within 90 days of final work performance.

Takes effect July 1, 2012, with an emergency clause allowing immediate effect upon passage and approval.