This bill proposes several updates to the Arizona Revised Statutes concerning contractors, primarily increasing the financial limits associated with claims against the residential contractors' recovery fund. Specifically, the maximum individual award from the fund would increase from $30,000 to $60,000, and the total liability of the fund for any one residential contractor's license would rise from two hundred thousand dollars 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 increased maximum amounts. Furthermore, the bill clarifies the process for claimants to recover unpaid judgments against contractors, ensuring that the registrar is notified and involved in the payment process from the fund. It also modifies language regarding the automatic suspension of a contractor's license if a claim is paid from the fund, emphasizing that any associated licenses are also suspended until repayment is made. Overall, these changes aim to enhance consumer protection and streamline the recovery process for individuals affected by contractor misconduct.

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