The proposed bill SB1291 amends the current law regarding the biennial assessments paid by residential contractors for their licenses. Under the new bill, the maximum assessment will be reduced from $600 to $370 for initial licensure and $270 for license renewal. This change aims to lessen the financial burden on contractors while still contributing to the Residential Contractors' Recovery Fund, which assists homeowners harmed by licensed contractors.

Additionally, the bill introduces a provision that mandates the Registrar of Contractors to reduce the biennial assessments by 50% if the Fund's balance exceeds $15,000,000 at the end of a fiscal year. This reduced assessment will remain in effect until the Fund's balance falls below $10,000,000 in a subsequent fiscal year, at which point the assessments will revert to the original amounts. Overall, the bill seeks to create a more responsive assessment structure based on the Fund's financial status while providing immediate relief to contractors.

Statutes affected:
Introduced Version: 32-1126
Senate Engrossed Version: 32-1126