The proposed bill authorizes a municipality under the municipal planning act to require an
applicant seeking approval for subdivision developments to establish an escrow account or provide
other financial security to reimburse the municipality for the direct costs related to review and
approval of projects. This bill would require the charge to be equal to the value of the professional
services and establishes deadlines by which the municipality must release and return to an applicant
the financial securities provided once the conditions have been met. The bill provides for interest
to be paid if the return is not within the timeline and notice to the applicant within seven business
days of the specific conditions that have not been met. It also authorizes a municipality to require
a maintenance bond from any subcontractor that has not completed the remaining requirements
imposed by the municipality.
Check on the status of this bill
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Last review or update: 03/24/2006
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