Bill Text: FL S0414 | 2024 | Regular Session | Introduced

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Bill Title: Florida Homeowners' Construction Recovery Fund

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-08 - Died in Regulated Industries [S0414 Detail]

Download: Florida-2024-S0414-Introduced.html

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       Florida Senate - 2024                                     SB 414
       
       
        
       By Senator Garcia
       
       
       
       
       
       36-00024-24                                            2024414__
    1                        A bill to be entitled                      
    2         An act relating to the Florida Homeowners’
    3         Construction Recovery Fund; amending s. 489.143, F.S.;
    4         providing a scheduled increase in the maximum payment
    5         amounts that may be made from the recovery fund for
    6         Division I and Division II individual and aggregate
    7         claims; providing an effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsections (3) and (6) of section 489.143,
   12  Florida Statutes, are amended to read:
   13         489.143 Payment from the fund.—
   14         (3)(a) Beginning January 1, 2005, For each Division I
   15  contract entered into after July 1, 2004, payment from the
   16  recovery fund is subject to the following maximum payment
   17  amounts for each Division I claim:
   18         1. For the 2024-2025 fiscal year, $75,000 a $50,000 maximum
   19  payment for each Division I claim.
   20         2. For the 2025-2026 fiscal year, $125,000.
   21         3. For the 2026-2027 fiscal year, $175,000.
   22         4. For the 2027-2028 fiscal year, $250,000.
   23         (b) Beginning January 1, 2017, For each Division II
   24  contract entered into on or after July 1, 2016, payment from the
   25  recovery fund is subject to the following maximum payment
   26  amounts for each Division II claim:
   27         1. For the 2024-2025 fiscal year, $25,000 a $15,000 maximum
   28  payment for each Division II claim.
   29         2. For the 2025-2026 fiscal year, $35,000.
   30         3. For the 2026-2027 fiscal year, $45,000.
   31         4. For the 2027-2028 fiscal year, $65,000.
   32         (6)(a) For contracts entered into before July 1, 2004,
   33  payments for claims against any one licensee may not exceed, in
   34  the aggregate, $100,000 annually, up to a total aggregate of
   35  $250,000. For any claim approved by the board which is in excess
   36  of the annual cap, the amount in excess of $100,000 up to the
   37  total aggregate cap of $250,000 is eligible for payment in the
   38  next and succeeding fiscal years, but only after all claims for
   39  the then-current calendar year have been paid. Payments may not
   40  exceed the aggregate annual or per claimant limits under law.
   41         (b) Beginning January 1, 2005, For each Division I contract
   42  entered into after July 1, 2004, payment from the recovery fund
   43  is subject only to a total aggregate cap of the following
   44  amounts $500,000 for each Division I licensee:
   45         1. For the 2024-2025 fiscal year, $700,000.
   46         2. For the 2025-2026 fiscal year, $800,000.
   47         3. For the 2026-2027 fiscal year, $900,000.
   48         4. For the 2027-2028 fiscal year, $1 million.
   49         (c) Beginning January 1, 2017, For each Division II
   50  contract entered into on or after July 1, 2016, payment from the
   51  recovery fund is subject only to a total aggregate cap of the
   52  following amounts $150,000 for each Division II licensee:
   53         1. For the 2024-2025 fiscal year, $250,000.
   54         2. For the 2025-2026 fiscal year, $350,000.
   55         3. For the 2026-2027 fiscal year, $450,000.
   56         4. For the 2027-2028 fiscal year, $550,000.
   57         Section 2. This act shall take effect July 1, 2024.