HB0477 Boucher, Bill

P R E F I L E D

HB 477 -- Homeowners Recovery Fund

This bill establishes the Homeowners Recovery Fund in the state treasury to reimburse eligible homeowners who have suffered financial losses due to fraudulent or deceitful general contracting practices.

The fund will be supported by a $5 fee on building permits for construction or alteration of single-family dwellings in cities and counties where a majority of qualified voters approve the measure. The Attorney General will administer the fund and will evaluate applications for reimbursement from homeowners who have obtained a judgment against a residential contractor that remains unsatisfied and who have exhausted all civil remedies for recovering such losses.

The bill gives the Attorney General complete discretion in determining the order, amount, and manner of payment of approved applications. Applicants' attorneys cannot be reimbursed from the fund.

The Attorney General is permitted to pursue and enforce claims for restitution in the amount of awards from the fund against any residential contractor responsible for an applicant's loss.