SB 2277 Summary

• Prohibits contractors from paying, rebating, or promising to pay or rebate a policyholder's property or casualty insurance deductible in any amount.

• Prohibits contractors from representing, negotiating, or advertising to represent or negotiate insurance claims on behalf of an insured or claimant related to repair or reconstruction work.

• Allows insureds to rescind contracts with contractors within five business days after execution by providing written notice via certified mail.

• Requires contractors to furnish insureds with a written statement in 10-point boldface type and a detachable "Notice of Rescission" form before entering into any contract for insurance claim work.

• Mandates contractors return all payments, deposits, and evidence of indebtedness to insureds within five business days of receiving rescission notice, except for bona fide emergency mitigation work already performed.