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Senate advances HB42 to strengthen construction-lien timelines and lender priority
Utah Senate · March 5, 2014
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Summary
HB42 clarifies the definition of construction loans, gives construction lenders automatic priority upon recording, and tightens timelines for notices and lien filings; the Senate approved it for third reading after debate about payment timing to subcontractors.
On the floor the Senate debated and passed HB42 (construction-lien amendments) to specify a narrower definition of construction loans, create automatic priority for construction lenders upon recording a deed and tighten timelines for preliminary notice and lien filing. Sponsor Senator Jenkins said the measure requires…
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