Illinois House Considers Bill to Allow “Bonding Off” of Mechanics Liens

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Lenders in Illinois might want to take note of pending Illinois House Bill 2804. The bill would amend the Mechanics Lien Act, so as to allow “bonding off” of mechanic liens for the first time in Illinois. Nearly every state but Illinois currently allows the removal of a mechanics lien from the real estate by substituting a bond as security...

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