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| [ House Amendment 002 ] |
91_HB3926
LRB9111812STsb
1 AN ACT to amend the Home Repair and Remodeling Act by
2 changing Section 25.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Home Repair and Remodeling Act is amended
6 by changing Section 25 as follows:
7 (815 ILCS 513/25)
8 Sec. 25. Insurance required. Any person engaged in the
9 business of home repair and remodeling shall obtain and
10 maintain in full force and effect during the operation of the
11 business public liability and property damage insurance in
12 the amount of $100,000 per person and $300,000 per occurrence
13 of bodily injury, $50,000 per occurrence for property damage.
14 Additionally, unless a person engaged in the business of home
15 repair and remodeling has a net worth of not less than
16 $1,000,000 as determined on the basis of the person's most
17 recent financial statement, prepared within the previous 13
18 months, that person shall (i) obtain in the amount of $10,000
19 per occurrence public liability and property damage insurance
20 for improper home repair and remodeling not in conformance
21 with applicable State, county, or municipal codes or (ii)
22 maintain in full force and effect during the operation of the
23 business a surety bond in the amount of $50,000 conditioned
24 upon compliance with all rules, regulations, and state,
25 county, or municipal building codes., and in the amount of
26 $10,000 per occurrence for improper home repair or remodeling
27 not in conformance with applicable State, county, or
28 municipal building codes, unless the person has a net worth
29 of not less than $1,000,000 as determined on the basis of the
30 person's most recent financial statement, prepared within 13
31 months.
-2- LRB9111812STsb
1 (Source: P.A. 91-230, eff. 1-1-00.)
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.