Assembly Bill 473 establishes 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 an individual or business involved in repairing or replacing residential roof systems or 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 repairs. Additionally, contractors must provide written disclosures to clients regarding their obligations and rights before entering into contracts.

The bill also outlines specific requirements for postloss assignments of insurance rights, including the necessity for itemized descriptions of work and materials, as well as a total payment amount. It grants named insured individuals the right to cancel such assignments within five business days and mandates that contractors must pursue payment solely from the insurance company until all legal rights are exhausted. Violations of the bill 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.