A bill for an act relating to bonds for general contractors.

This bill requires general contractors working on private projects in Iowa to obtain a $50,000 performance bond from an authorized surety company before starting work. The bond guarantees payment to the property owner if the contractor fails to complete the project. It does not apply to contractors working for state or local government entities (like cities or school districts) or to projects subject to state competitive bidding rules. Local governments (counties, cities, etc.) are also prohibited from demanding additional bonds beyond this requirement for private work.