WI SB531

Prohibits residential contractors from advertising or promising to rebate insurance deductibles as a sales inducement, and bars them from representing or negotiating with insurers on behalf of homeowners for insurance claims related to catastrophe damage repairs.

Requires residential contractors to provide homeowners with a mandatory written notice explaining payment obligations and contract rights before entering repair agreements for catastrophe damage.

Establishes strict requirements for postloss assignment of insurance policy benefits to contractors, including itemized work descriptions, pricing details, required disclosures in 14-point capitalized type, and a 5-business-day cancellation period for homeowners.

Imposes forfeitures up to $5,000 per violation and renders contracts void if contractors violate any provision; authorizes the insurance commissioner, attorney general, or district attorneys to investigate and seek injunctions against violators.

Takes effect on the first day of the 8th month after publication; applies to residential real estate damaged by catastrophes including earthquakes, fires, floods, hail storms, tornadoes, windstorms, and governor-declared weather emergencies.