Senate Bill No. 1270, also known as Public Act No. 25-106, amends the regulations governing public adjusters in relation to fees charged for their services. The bill stipulates that public adjusters are prohibited from charging or collecting fees if the insurer offers to pay the full policy limits within thirty days of a loss to a structure covered by a fire insurance policy. Additionally, any fees charged by public adjusters must be based solely on the amount of settlement proceeds paid by the insurer for the loss, rather than the amount received by the insured.

The bill also modifies the timing of when public adjusters can collect their fees. It specifies that fees can only be collected after the insurer has paid the settlement proceeds, rather than after the insured has received those proceeds. This change aims to clarify the process and ensure that public adjusters are compensated only after the insurer fulfills its payment obligations. The new provisions will take effect on October 1, 2025.

Statutes affected:
Raised Bill:
INS Joint Favorable:
File No. 73:
Public Act No. 25-106: