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.
Thank you for being part of this effort.