CT HB05224

Transfers administrative duties for the Real Estate Guaranty Fund and Connecticut Health Club Guaranty Fund from the Real Estate Commission to the Department of Consumer Protection

Sets a two-year deadline to file applications for compensation from the Real Estate Guaranty Fund, measured from final determination or expiration of appeal time for binding arbitration decisions or court judgments

Requires applicants seeking payment from the Home Improvement Guaranty Fund to submit a signed, sworn statement affirming good faith efforts to collect on a decision, judgment, or decree before seeking fund payment

Stops interest accrual on debts owed to the Real Estate, Home Improvement, Connecticut Health Club, and New Home Construction Guaranty Funds once the debt is referred to the Department of Administrative Services for collection (interest rate remains 10% per year until referral)

Repeals Section 20-324g concerning the Connecticut Real Estate Commission's procedures for handling notices related to the Real Estate Guaranty Fund