32-1131. Definitions In this article, unless the context otherwise requires: 1. " Assessment" means the contribution by a contractor to the residential contractors’ recovery fund. 2. " Fund" means the residential contractors’ recovery fund. 3. " Residential contractor" means a contractor as defined in section 32-1101 who is licensed to perform work on residential property […]
32-1132. Residential contractors’ recovery fund; claimants; eligibility; definition A. The residential contractors’ recovery fund is established to be administered by the registrar for the benefit of claimants that are damaged by an act, representation, transaction or conduct of a residential contractor that is licensed pursuant to this chapter and that is in violation of this […]
32-1132.01. Actual damages; fund; limitations; definition A. An award from the residential contractors’ recovery fund is limited to residential real properties. The fund may not issue an award covering damages to commercial property. B. An award from the residential contractors’ recovery fund may not exceed the actual damages suffered by the claimant as a direct […]
32-1133. Civil recovery; statute of limitations A. An action for a judgment that may subsequently result in an order for collection from the residential contractors’ recovery fund may not be commenced later than two years after the date of the commission of the act by the contractor that is the cause of the injury or […]
32-1133.01. Administrative recovery; statute of limitations A. Notwithstanding any other provision in this chapter, if a contractor license has been revoked or suspended as a result of an order to remedy a violation of this chapter, the registrar may order payment from the residential contractors’ recovery fund to remedy the violation. B. The registrar must […]
32-1134. Powers and duties of registrar A. The registrar shall: 1. Establish assessments and maintain the fund balance at a level sufficient to pay operating costs and anticipated claims using the cash basis of accounting. 2. Cause an examination of the fund to be made every three years by an independent certified public accountant. 3. […]
32-1134.02. Insufficiency of fund If at any time the monies deposited in the residential contractors’ recovery fund are insufficient to satisfy any duly authorized claim or portion thereof, the registrar shall, when sufficient monies have been deposited in the residential contractors’ recovery fund, satisfy any unpaid claims or portion of unpaid claims with priority for […]
32-1135. Deposit of assessments The assessments received by the registrar for deposit in the fund shall be held in trust for carrying out the purposes of the fund. On notice from the registrar, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall […]
32-1137. Notice of authorized payment to claimant On authorization of payment from the residential contractors’ recovery fund, the registrar shall notify the claimant that: 1. The amount authorized for payment is subject to repayment by the claimant if the judgment of the court is finally reversed. 2. It is the responsibility of the claimant to […]
32-1138. Subrogation The state has the right of subrogation to the extent of payments made from the residential contractors’ recovery fund including the right to collect from a bond, cash payment or alternative to cash payment made pursuant to section 32-1152 or 32-1152.01. The registrar and the attorney general shall promptly enforce all subrogation claims.
32-1139. Liability of fund for each residential contractor’s license; suspension of license; repayment A. The liability of the fund shall not exceed two hundred thousand dollars for any one residential contractor’s license. If claims against the fund on behalf of any one residential contractor’s license exceed two hundred thousand dollars, the claims shall be paid […]
32-1140. Disciplinary action against contractor This article does not limit the authority of the registrar to take disciplinary action against any licensed contractor for a violation of this chapter, or of the rules and regulations of the registrar, nor does the repayment in full of all obligations to the fund by any contractor nullify or […]
