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Bill > HB3734
OK HB3734
OK HB3734Property; providing for contractor's guarantee bond for certain natural disasters; violation; effective date.
summary
Introduced
02/03/2020
02/03/2020
In Committee
03/16/2020
03/16/2020
Crossed Over
03/04/2020
03/04/2020
Passed
Dead
05/29/2020
05/29/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act relating to property; providing for contractor's guarantee bond for certain natural disasters; providing for violation of contract; providing for codification; and providing an effective date.
AI Summary
This bill requires contractors to provide a guarantee bond to the homeowner or a public trustee when state or federal funds are used for a natural disaster rebuilding project. The bond must be equal to the full amount of the building project and must be received and acknowledged by the homeowner or trustee to validate the contract. If a contractor does not properly use the funds, they will be found in violation of the contract and a claim can be filed. The bill will become effective on November 1, 2020.
Committee Categories
Government Affairs, Justice
Sponsors (3)
Last Action
Second Reading referred to Judiciary (on 03/16/2020)
Official Document
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