SB1087

THE CONTEXT: The ROC licenses and regulates residential and commercial contractors, investigates complaints against contractors and is authorized to suspend or revoke licenses, conduct hearings, issue citations and assess civil penalties. The ROC is permitted to charge application and license fees for the issuance and renewal of specified biennial contracting licenses.

WHAT THE BILL DID: The final vetoed version would reduce biennial assessment amount that is paid into the Recovery Fund to: a) $370 for an initial license; and b) $270 for a license renewal and stipulate the biennial assessments are reduced by 50% if the Recovery Fund balance exceeds $15,000,000 at the end of a fiscal year and are reinstated to the full amounts when the balance is less than $10,000,000 at the end of a subsequent fiscal year.

WHY IT MATTERED: The practical reason for this bill was to make the stated financial responsibility enforceable and keep public reporting on time. It would reduce biennial assessment amount that is paid into the Recovery Fund to: a) $370 for an initial license; and b) $270 for a license renewal, and would also stipulate the biennial assessments are reduced by 50% if the Recovery Fund balance exceeds $15,000,000 at the end of a fiscal year and are reinstated to the full amounts when the balance is less than $10,000,000 at the end of a subsequent fiscal year, rather than leave the current rule unchanged.