HB4769, effective immediately, amends the Public Construction Bond Act.

Illinois statute now provides that the surety on a bond shall be a company with a certificate of authority from the Department of Insurance, specifically authorizing it to execute surety bonds, with a financial strength rating of at least A- as rated by A.M. Best Company, Inc., Moody’s Investors Service, Standard & Poor’s Corporation, or a similar rating agency. Click here for legislation


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