Bill > HB1707

This bill updates the Virginia Contractor Transaction Recovery Fund by increasing several key financial thresholds and claim limits. Specifically, the bill raises the maximum individual claim limit from $20,000 to $30,000 for an unpaid judgment resulting from a contractor's improper or dishonest conduct in a single transaction. Additionally, the aggregate claim limit against a single licensed contractor during a two-year period (biennium) is increased from $40,000 to $100,000. The bill also modifies the licensing classification thresholds for contractors: Class A contractors will now be defined by contracts or projects valued at $150,000 or more (up from $120,000), with total annual work valued at $1 million or more (up from $750,000); Class B contractors will have project values between $30,000 and $150,000 (up from $10,000 to $120,000), with annual work between $250,000 and $1 million; and Class C contractors will handle projects up to $30,000 (up from $10,000), with total annual work under $250,000. These changes aim to adjust contractor licensing and recovery fund provisions to reflect current market values and provide more comprehensive financial protection for consumers.

Justice, Labor and Employment

https://lis.virginia.gov/bill-details/20251/HB1707