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. Tentative approval of a plat shall be revocable and may not be indicated on the plat. 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. Forms of security accepted by a planning commission under paragraph (1) of this subsection: shall specify the time for completion and specifications set by or in accordance with the subdivision regulations of the planning commission; may include a bond with surety, an irrevocable letter of credit, or any other form of security approved by the local jurisdiction; and may be enforced by any appropriate legal or equitable remedy.