Introduced Version
HOUSE BILL No. 1325
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DIGEST OF INTRODUCED BILL
Citations Affected: IC 22-11-3.1-2.
Synopsis: Contractor performance bonds. Increases from $5,000 to
$30,000 the amount of a unified license bond for contractors doing
work in counties where the bond is required.
Effective: July 1, 2008.
January 15, 2008, read first time and referred to Committee on Labor and Employment.
Introduced
Second Regular Session 115th General Assembly (2008)
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HOUSE BILL No. 1325
A BILL FOR AN ACT to amend the Indiana Code concerning state
and local administration.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 22-11-3.1-2; (08)IN1325.1.1. -->
SECTION 1. IC 22-11-3.1-2 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 2. (a) A contractor
doing work, other than work for a political subdivision, in a county
having a population of:
(1) more than four hundred thousand (400,000), but less than
seven hundred thousand (700,000); or
(2) more than one hundred forty-five thousand (145,000) but less
than one hundred forty-eight thousand (148,000);
must obtain a unified license bond as provided in this chapter. This
unified license bond is in lieu of any other bond for this type of work
required by the county or a city or town within that county, and the
bond must be in an amount equal to
five thirty thousand dollars
($5,000). ($30,000).
(b) The unified license bond shall be held for compliance with the
ordinances and regulations governing business in the county, or a city
or town within that county. The unified license bond required by this
chapter shall be filed with the county recorder.