Bill > SB565

This bill expands the application of recent changes to the Virginia Contractor Transaction Recovery Fund, which is a fund designed to compensate individuals who have suffered financial losses due to the actions of licensed contractors. Specifically, it allows any claimant who filed a verified claim with the Director of the Department of Professional and Occupational Regulation (DPOR) on or after June 6, 2024, and whose claim was subsequently approved by the Board for Contractors (the Board), to benefit from the increased claim limits and license threshold amounts that were established by Chapters 127 and 133 of the Acts of Assembly of 2025. This means that if a claimant's case was previously finalized using older, lower recovery limits, the Board will reopen their case to apply the newer, higher limits if they meet the specified criteria, potentially allowing them to recover additional amounts.