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FL S0414
Bill
AI Summary
- Increases the maximum per-claim payment from the Florida Homeowners' Construction Recovery Fund for Division I claims from $50,000 to $75,000 in FY 2024-2025, rising incrementally to $250,000 by FY 2027-2028
- Increases the maximum per-claim payment for Division II claims from $15,000 to $25,000 in FY 2024-2025, rising incrementally to $65,000 by FY 2027-2028
- Raises the total aggregate cap per Division I licensee from $500,000 to $700,000 in FY 2024-2025, increasing annually to $1 million by FY 2027-2028
- Raises the total aggregate cap per Division II licensee from $150,000 to $250,000 in FY 2024-2025, increasing annually to $550,000 by FY 2027-2028
- Effective date is July 1, 2024, with all increases phased in over four fiscal years through FY 2027-2028
Legislative Description
Florida Homeowners' Construction Recovery Fund
Last Action
Died in Regulated Industries
3/8/2024
Full Bill Text
No bill text available