H.B. 2316 Summary

• Increases the maximum recovery amount per contract from the Contractors Recovery Fund from $12,500 to $25,000 per injured person, regardless of the number of persons injured under the same contract.

• Increases the maximum liability cap for the Contractors Recovery Fund from $25,000 to $50,000 for any single licensed contractor.

• Recovery remains limited to actual damages, court costs, and reasonable attorney fees as determined by the court.

• Excludes recovery for persons who contracted with a contractor whose license was suspended, revoked, forfeited, terminated, or inactive at the time of contract execution.

• Takes effect July 1, 2050, with automatic repeal on June 30, 2023, restoring the original statutory amounts.