Mechanic’s Lien Legislation
MO General Assembly passed changes to state’s mechanic’s lien law. HBA was very active in discussions and negotiations with stakeholders, including title insurance industry, mortgage banker and subcontractor representatives. Legislation helps ensure construction financing by decreasing risks to title insurance underwriters. Changes include recording notice of rights by claimant, recording notice of intended sale by owner, documentation required for mechanic’s lien claim and format for unconditional final lien waiver. Governor has until July 14 to sign bill into law; changes will be effective August 28, 2010. HBA will host seminars about new procedures to file mechanic’s liens…info to follow.
HBA staff contact: Lyzel Krebs 314-994-7700 (x115) or KrebsL@hbastl.com