House Bill 1508
Enrolled House Bill (H)
DIGEST
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
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
or unfinished streets, sanitary piping, storm water piping systems, water mains, sidewalks and ornamental landscaping in common areas, and erosion control. Provides, that an ordinance, rule, or policy requiring a land developer to obtain a performance bond or other surety must include a provision for: (1) the release of the bond or other surety upon completion to the satisfaction of the local unit of the subject matter upon which the bond or other surety was obtained; and (2) the partial release of the bond or other surety on an annual basis in accordance with a partial release schedule.
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