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 updated to specify fixed amounts of $370 for initial licensure and $270 for license renewal. This change aims to reduce 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 in assessments by 50% if the Fund's balance exceeds $15,000,000 at the end of a fiscal year, with the assessments reinstated once the balance falls below $10,000,000 in a subsequent year. This adjustment is intended to ensure that the Fund remains adequately funded while providing relief to contractors when the Fund's balance is healthy. Overall, the bill seeks to make technical and conforming changes to enhance the clarity and effectiveness of the existing statutes.

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