Florida Senate - 2024 SB 414 By Senator Garcia 36-00024-24 2024414__ 1 A bill to be entitled 2 An act relating to the Florida Homeowners 3 Construction Recovery Fund; amending s. 489.143, F.S.; 4 providing a scheduled increase in the maximum payment 5 amounts that may be made from the recovery fund for 6 Division I and Division II individual and aggregate 7 claims; providing an effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1.Subsections (3) and (6) of section 489.143, 12 Florida Statutes, are amended to read: 13 489.143Payment from the fund. 14 (3)(a)Beginning January 1, 2005, For each Division I 15 contract entered into after July 1, 2004, payment from the 16 recovery fund is subject to the following maximum payment 17 amounts for each Division I claim: 18 1.For the 2024-2025 fiscal year, $75,000 a $50,000 maximum 19 payment for each Division I claim. 20 2.For the 2025-2026 fiscal year, $125,000. 21 3.For the 2026-2027 fiscal year, $175,000. 22 4.For the 2027-2028 fiscal year, $250,000. 23 (b)Beginning January 1, 2017, For each Division II 24 contract entered into on or after July 1, 2016, payment from the 25 recovery fund is subject to the following maximum payment 26 amounts for each Division II claim: 27 1.For the 2024-2025 fiscal year, $25,000 a $15,000 maximum 28 payment for each Division II claim. 29 2.For the 2025-2026 fiscal year, $35,000. 30 3.For the 2026-2027 fiscal year, $45,000. 31 4.For the 2027-2028 fiscal year, $65,000. 32 (6)(a)For contracts entered into before July 1, 2004, 33 payments for claims against any one licensee may not exceed, in 34 the aggregate, $100,000 annually, up to a total aggregate of 35 $250,000. For any claim approved by the board which is in excess 36 of the annual cap, the amount in excess of $100,000 up to the 37 total aggregate cap of $250,000 is eligible for payment in the 38 next and succeeding fiscal years, but only after all claims for 39 the then-current calendar year have been paid. Payments may not 40 exceed the aggregate annual or per claimant limits under law. 41 (b)Beginning January 1, 2005, For each Division I contract 42 entered into after July 1, 2004, payment from the recovery fund 43 is subject only to a total aggregate cap of the following 44 amounts $500,000 for each Division I licensee: 45 1.For the 2024-2025 fiscal year, $700,000. 46 2.For the 2025-2026 fiscal year, $800,000. 47 3.For the 2026-2027 fiscal year, $900,000. 48 4.For the 2027-2028 fiscal year, $1 million. 49 (c)Beginning January 1, 2017, For each Division II 50 contract entered into on or after July 1, 2016, payment from the 51 recovery fund is subject only to a total aggregate cap of the 52 following amounts $150,000 for each Division II licensee: 53 1.For the 2024-2025 fiscal year, $250,000. 54 2.For the 2025-2026 fiscal year, $350,000. 55 3.For the 2026-2027 fiscal year, $450,000. 56 4.For the 2027-2028 fiscal year, $550,000. 57 Section 2.This act shall take effect July 1, 2024.