Senate Bill 414 and the identical House Bill 1217 would increase the maximum payments available through Florida’s Homeowners’ Construction Recovery Fund beginning in 2024, and increasing them annually through at least 2028.
Under the current version of 489.143, Florida Statutes, Recovery Fund payouts are capped at $50,000.00 per Division I claim, with an aggregate cap of $500,000.00 per licensee, and $15,000.00 per Division II claim, with an aggregate cap of $150,000.00 licensee.
Under the proposed statute, 489.143(3), would be altered to increase those limits as follows:
2024 - 2025 - $75,000.00 per Division I claim
2025 - 2026 - $125,000.00 per Division I claim
2026 - 2027 - $175,000.00 per Division I claim
2027 - 2028 - $250,000.00 per Division I claim.
2024 - 2025 - $25,000.00 per Division II claim
2025 - 2026 - $35,000.00 per Division II claim
2026 - 2027 - $45,000.00 per Division II claim
2027 - 2028 - $65,000.00 per Division II claim.
Similarly, under the proposed statute, 489.143(6), would be altered to increase the aggregate limits as follows:
2024 - 2025 - $700,000.00 per Division I licensee
2025 - 2026 - $800,000.00 per Division I licensee
2026 - 2027 - $900,000.00 per Division I licensee
2027 - 2028 - $1,000,000.00 per Division I licensee
2024 - 2025 - $250,000.00 per Division II licensee
2025 - 2026 - $350,000.00 per Division II licensee
2026 - 2027 - $450,000.00 per Division II licensee
2027 - 2028 - $550,000.00 per Division II licensee.
If enacted, the proposed statute would take effect on July 1, 2024.