Bill > H141

This bill amends Chapter 142A of the general laws concerning home improvement contractors by changing the rules around advance payments. Specifically, it modifies the requirement for a time schedule of payments within a home improvement contract. The key change is that for most contracts, any deposit paid before work begins cannot exceed the greater of one-third of the total contract price or the actual cost of any special-order or custom-made materials or equipment needed to keep the project on schedule. However, this limitation on deposits does not apply to home improvement retailers with a net worth exceeding $100,000,000. The bill also reiterates that final payment cannot be demanded until the contract is fully completed to the satisfaction of both parties.