The proposed bill would amend current statutes regarding the biennial assessments paid by residential contractors. Under current law, contractors are required to pay an assessment of not more than $600 during the biennial license period for deposit in the residential contractors' recovery fund. The bill would change this maximum assessment to $370 for initial licensure and $270 for license renewal, thereby reducing the financial burden on contractors.

Additionally, the bill introduces a new provision that mandates a reduction of the assessments by 50% if the balance of the residential contractors' recovery fund exceeds $15,000,000 at the end of a fiscal year. This reduced assessment would remain in effect until the fund's balance falls below $10,000,000, at which point the assessments would revert to the full amounts specified. These changes aim to provide more flexibility in the assessment structure based on the fund's financial status while ensuring that contractors contribute to the recovery fund.

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