SC H4748

Requires licensed residential builders and residential specialty contractors to deposit client funds into dedicated escrow or trust accounts at federally insured financial institutions before project completion

Prohibits commingling client funds with personal or business operating accounts, and restricts withdrawals to expenses directly related to the client's project, subcontractor payments, or refunds

Mandates contractors maintain itemized records of all account transactions and provide detailed accounting within 15 days upon request from the client or Department of Labor, Licensing and Regulation

Establishes criminal penalties: misdemeanor (up to $5,000 fine and/or 3 years imprisonment) for misuse under $10,000; felony (up to $10,000 fine and/or 10 years imprisonment) for misuse of $10,000 or more

Authorizes civil penalties up to $5,000 per violation, license suspension or revocation, and allows clients to sue for actual damages, treble damages for willful violations, plus attorney's fees