Assembly Bill 473 establishes new regulations regarding the postloss assignment of rights or benefits under property insurance policies to residential contractors in Wisconsin. The bill defines a "residential contractor" as someone who repairs or replaces residential roof systems or performs other related work due to damage from catastrophes, which include natural disasters like fires, floods, and tornadoes. Key provisions of the bill prohibit contractors from advertising or promising to rebate insurance deductibles as an inducement for services, and they cannot negotiate on behalf of property owners for insurance claims related to exterior repairs. Additionally, contractors must provide written disclosures about the contract obligations and rights to clients before entering into agreements.

The bill also outlines specific requirements for postloss assignments, including the necessity for itemized descriptions of work and materials, and a statement that the contractor has made no assurances regarding insurance coverage. It grants named insured individuals the right to cancel such assignments within five business days and mandates that contractors must return any payments made if the assignment is canceled. Violations of these provisions can result in contracts being deemed void and penalties of up to $10,000 per violation imposed by the commissioner of insurance. Overall, the bill aims to protect property owners and ensure transparency in the contracting process following catastrophic events.