SB425 requires public entities to agree to certain conditions before a bond can be effective for property projects.
SB425 amends the Insurance Code to require public entities to agree to make all payments and perform all obligations under a contract before a bond can be effective for property projects. The bill also modifies the notice of cancellation for insurance policies, requiring insurers to specify the reason for cancellation upon request and allowing electronic notices to lienholders with consent.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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