SB268 Summary

• Lowers the minimum project cost threshold for home builder licensure from $10,000 to $1,000, expanding the Home Builders Licensure Board's jurisdiction over residential construction projects.

• Authorizes the board to collect actual costs relating to hearings for disciplinary actions against licensees.

• Increases maximum administrative fines for violations from $2,000 to $5,000 per violation.

• Allows the board to set payment caps on the Homeowners' Recovery Fund by rule rather than by statute, providing flexibility in claim payments.

• Authorizes the board to revoke licenses or refuse to issue new licenses to licensees and their qualifying representatives who fail to repay judgments paid from the Homeowners' Recovery Fund, plus 12% annual interest.