H707 - Lien Agent/Notice of Cancellation. (SL 2017-168)

Overview: S.L. 2017-168 provides that a lien agent notice automatically expires if it is not cancelled or renewed within five years after being given, and permits a contractor to renew a lien notice for one additional five-year period. For improvements to a one- or two-family dwelling, the act requires a lien notice to be cancelled within a reasonable time after the contractor confirms receipt of final payment for the work. The act also increases the fee an owner must pay to the designated lien agent. The act becomes effective October 1, 2018.