Utah Construction Industry

Published on by wwwcoppertechbiz

Utah Construction Industry, please review House Bill 260-2 today!!

“This piece of legislation allows lenders to jump ahead of liens, regardless of when the trust deed is recorded.” - Construction Attorney and Mechanics Lien Specialist, Mark L. Poulsen

HB 260-2 passed The House 47-26 last night. Click here to read the bill

Key points of bill:

• Reverses over 100 years of protection for subcontractors and material
• Gives Construction Lenders (that have historically been responsible
  for determining credit worthiness of borrowers) “Super Priority”.
• Provides basis to intimidate subcontractors and suppliers to
  “voluntarily subordinate” their mechanics lien rights.
• Eliminates requirement for Notice of Commencement

From everything we have heard, if the bill makes it to the full Senate, it will likely pass. Thus, Senator Jenkins is the only one standing between subcontractors and suppliers and the horrible effects of this bill. It is imperative that you email him as soon as possible (as in right now!) because the bill could be brought out of Rules at any moment.

Email: sjenkins@utahsenate.org

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