House concurs with Senate amendment allowing developer use of purchaser deposits backed by surety bond

The House considered the Senate's proposed amendment to H.666, which would permit a developer to use purchaser deposits for a residential building project so long as the deposits are protected by a 100% surety bond. The amendment replaces a prior provision that required disclosure of the surety bond issuer with a requirement that purchasers be provided a copy of the surety bond protecting their deposit.

The member from Brandon explained the amendment’s intent: to provide another financing option for residential development while protecting purchasers by requiring a copy of the surety bond. Committee records show stakeholder testimony, and the committee reported favorably in a straw poll. The House took a voice vote and concurred in the Senate proposal of amendment.

The concurrence was announced from the floor and the business calendar concluded.