Bill > SB1087

This bill modifies the fee structure for contractor licensing in Arizona, specifically adjusting the assessment fees for residential contractors' recovery fund contributions. The bill reduces the assessment from not more than $600 to a fixed $370 for initial licenses and $270 for license renewals during a biennial (two-year) license period. Importantly, the bill introduces a new provision that automatically reduces these assessments by 50% if the residential contractors' recovery fund exceeds $15 million at the end of a fiscal year. The reduction will remain in effect until the fund's balance drops below $10 million, at which point the full assessment amounts will be reinstated. The bill maintains the existing structure of different fee levels for various types of contractor licenses, including general residential, commercial, dual licensed, and specialty contracting categories, while providing a mechanism to prevent excessive accumulation of funds in the residential contractors' recovery fund, which is designed to protect consumers from financial losses due to contractor misconduct or bankruptcy.

Business and Industry, Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/81917