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 for their license, which would be reduced to $370 for initial licensure and $270 for license renewal if the bill becomes law. This change is aimed at lowering the financial burden on contractors while maintaining the funding for the Residential Contractors' Recovery Fund.

Additionally, the bill introduces a new provision that mandates a reduction of the biennial 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 updates aim to ensure that the fund remains adequately supported while providing financial relief to contractors.

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