WI AB473

Prohibits residential contractors from advertising or promising to rebate insurance deductibles as sales inducements, and bars them from representing or negotiating insurance claims on behalf of property owners for roof repairs or exterior work following catastrophes

Requires postloss assignments of insurance policy rights to residential contractors to include itemized descriptions of work, materials, labor, fees, and total costs, along with specific written disclosures in 14-point capitalized type

Grants homeowners a 5-business-day cancellation period for any postloss assignment, with contractors required to return all payments within 10 business days of cancellation

Voids contracts with residential contractors who violate any provision and authorizes the Commissioner of Insurance to impose forfeitures up to $10,000 per violation after notice and hearing

Automatically assigns the homeowner's contractual rights against the contractor to the insurance company when a postloss assignment occurs, and requires contractors to exhaust all legal remedies against the insurer before pursuing payment from homeowners