House Bill 57: Funding for the Florida Homeowner’s Construction Recovery Fund
As of January 2013 there were approximately 600 claims totaling $1 million against the Florida Homeowners’ Construction Recovery Fund. This fund was established to compensate homeowners for losses caused by state licensed contractors. DBPR is given authority to transfer money it determines is not necessary to fund the Florida Building Code Administrators and Inspectors Board to the recovery fund. Because excess funds have built up, it is expected that DBPR will transfer $5 million from this board to the recovery fund this year and approximately $1.2 million annually in subsequent years. This bill has been approved by the Governor and took effect October 1, 2013.
(From HCBA Legislative Review)