SB 1462 Summary

• Expands the Homeowners' Construction Recovery Fund to include Division II contractors in addition to Division I contractors, requiring both to participate in the fund.

• Revises the definition of "residence" to include single-family residences and expands covered work to include services described in s. 489.105(3)(a)-(q) rather than just (a)-(c).

• Establishes separate payment limits: maximum of $50,000 per Division I claim and $25,000 per Division II claim, with aggregate caps of $500,000 for Division I licensees and $250,000 for Division II licensees annually.

• Removes obsolete provisions related to claims made prior to July 1, 2007 and eliminates ineligibility based on certain scope of work categories.

• Updates the required notice to residential property owners to clarify that payment from the recovery fund is limited and not guaranteed, with signature lines for both contractor and homeowner.