Iowa SF576 mandates general contractors to secure a $50,000 performance bond before working in the state.

Iowa SF576 establishes a requirement for general contractors to obtain a $50,000 performance bond before undertaking any work in the state. This bond must be payable to the entity for whom the contractor is performing work and executed by a surety company authorized to operate in Iowa. The bill exempts contractors working for the state or political subdivisions, including those subject to state agency competitive bidding requirements. Additionally, it prohibits counties, cities, townships, and school districts from mandating bonds for private work beyond what is specified in the bill.

Iowa SF576 mandates general contractors to secure a $50,000 performance bond before working in the state.

Iowa SF576 establishes a requirement for general contractors to obtain a $50,000 performance bond before undertaking any work in the state. This bond must be payable to the entity for whom the contractor is performing work and executed by a surety company authorized to operate in Iowa. The bill exempts contractors working for the state or political subdivisions, including those subject to state agency competitive bidding requirements. Additionally, it prohibits counties, cities, townships, and school districts from mandating bonds for private work beyond what is specified in the bill.