This bill proposes several 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 law, 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 $200,000 to $400,000. Additionally, the interest on deposits or down payments for unperformed work would also be calculated based on the new maximum award limit. The bill also makes minor adjustments to the language regarding the process for claimants to recover funds. It replaces the phrase "out of" with "from" in several instances, clarifying the source of payment. Furthermore, it specifies that if a claimant has recovered part of their loss from other sources, the amount deducted from their actual damages will still be subject to the new maximum award limit of $60,000. Overall, these changes aim to enhance the protections available to consumers in the residential contracting sector.

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