This bill proposes significant updates to the Arizona Revised Statutes concerning contractors, specifically increasing the financial limits associated with claims against the residential contractors' recovery fund. Under the new provisions, the maximum individual award for claimants would rise from $30,000 to $60,000, and the total liability of the fund for any one residential contractor's license would increase from $200,000 to $400,000. Additionally, the interest rate on deposits or down payments that were not honored would remain at ten percent but would apply to the new maximum award amount. Furthermore, the bill clarifies the process for claimants seeking recovery from the fund after obtaining a judgment against a contractor. It modifies the language regarding the registrar's role in the payment process, ensuring that claimants can apply for payment from the fund with proper notice and that the registrar has the opportunity to present objections if necessary. The bill also stipulates that any contractor whose license is suspended due to a payment from the fund cannot receive a new license or reactivate a suspended license until the amount paid is fully repaid, including interest.

Statutes affected:
Introduced Version: 32-1132.01, 32-1133, 32-1139