1. (a) A planning commission may provide in the subdivision regulations or practice for tentative approval of a plat before completion of improvements or installation of utilities.
2. (b) Tentative approval of a plat shall be revocable and may not be indicated on the plat.

3. (c)

   1. (1) Instead of requiring the completion of improvements and installation of utilities before the final approval of a plat, a planning commission may accept security approved by the local jurisdiction to secure the construction of improvements and installation of utilities.

   2. (2) Forms of security accepted by a planning commission under paragraph (1) of this subsection:

      1. (i) shall specify the time for completion and specifications set by or in accordance with the subdivision regulations of the planning commission;
      2. (ii) may include a bond with surety, an irrevocable letter of credit, or any other form of security approved by the local jurisdiction; and
      3. (iii) may be enforced by any appropriate legal or equitable remedy.

Added by Acts 2012, c. 426, § 2, eff. Oct. 1, 2012.