This bill proposes to amend current statutes regarding the biennial assessments paid by residential contractors. Under the 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, effectively reducing the financial burden on contractors.

Additionally, the bill introduces a new provision that mandates a reduction in assessments if the balance of the residential contractors' recovery fund exceeds $15,000,000 at the end of a fiscal year. Specifically, the assessments would be reduced by 50% until the fund balance falls below $10,000,000 in a subsequent fiscal year, at which point the assessments would revert to the full amounts. This change aims to ensure that the fund remains adequately funded while providing relief to contractors when the fund's balance is healthy.

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