The bill amends Section 45-23-46 of the General Laws in Chapter 45-23 entitled "Subdivision of Land" to update provisions related to construction and improvement guarantees required for the completion of public improvements prior to final plan approval. The amendments include changing references from "planning board" to "permitting authority," indicating a broader or different scope of the approving entity. It also specifies that all construction shall be inspected by the appropriate town staff or agents in a timely manner. The bill introduces the requirement for the permitting authority to approve cost estimates for public improvements and allows for the guarantee amount to exceed estimated costs to account for economic or construction conditions.

Additionally, the bill modifies the types of financial security that can be accepted by the municipality. It requires local regulations to provide at least three acceptable forms of financial security and prohibits the approving authority from limiting the security to one specific form. The bill also outlines procedures for setting improvement guarantee amounts, inspections, acceptance of improvements, and the release of guarantees to the applicant. It allows for partial releases of guarantees as improvements are completed and introduces a cap on maintenance guarantees at 10% of the original guarantee amount or the original cost of the public improvements if no guarantee was required. The act is set to take effect on January 1, 2025.

Statutes affected:
3000  SUB A: 45-23-46
3000: 45-23-46