Bill > S87

This bill expands eligibility for the Guaranty Fund for Home Improvement Contractors, a fund designed to compensate consumers who have suffered financial losses due to a contractor's failure to perform under a contract for home improvement work. Specifically, it allows owners and residents of a single condominium unit to qualify as claimants, provided they have entered into a construction contract for work on their unit or an area under their exclusive control. This change is retroactive to January 1, 2010, and any claims that would have been time-barred under existing law are now considered timely if filed by a qualifying condominium owner within six months of this act becoming law.