This bill proposes several updates to the Arizona Revised Statutes concerning the residential contractors' recovery fund. Key changes include the introduction of criteria from section 42-12053, subsection B, to determine whether individuals, members of limited liability companies, and trustors occupy or intend to occupy residential real property as their primary residence. Additionally, the maximum individual award from the fund would increase from $30,000 to $40,000, and the liability of the fund for any one residential contractor's license would also rise from $200,000 to $300,000.

The bill also modifies the process for claimants recovering from the fund, including the requirement for claimants to send a demand to the surety and receive a determination, rather than simply proceeding against any existing bond. Furthermore, it allows the registrar to spend interest monies from the fund to increase public awareness, with a cap of $50,000 per fiscal year. Other adjustments include changes in language for clarity and consistency, such as replacing "expend" with "spend" and updating the terminology regarding the status of licenses affected by payments from the fund.

Statutes affected:
Introduced Version: 32-1132, 32-1132.01, 32-1133, 32-1133.01, 32-1134, 32-1139, 42-12053, 33-1802, 33-1202, 41-1092.08, 32-1135