A homeowner’s claim arises out of a general contractor’s contract signed in August 2024. What is the most the recovery fund may pay on it?
Correct Answer
C) $100,000
A general contractor is a Division I classification under s. 489.105(3)(a), so this is a Division I claim. Section 489.143(3) steps the caps up over time, and the current tier reads: "Beginning January 1, 2025, for Division I and Division II contracts entered into on or after July 1, 2024, payment from the recovery fund is subject to a $100,000 maximum payment for each Division I claim and a $30,000 maximum payment for each Division II claim." The earlier Division I figure was $50,000 for contracts after July 1, 2004, which is why the August 2024 signing date matters.
Why This Is the Correct Answer
A general contractor is a Division I classification under s. 489.105(3)(a), so this is a Division I claim. Section 489.143(3) steps the caps up over time, and the current tier reads: "Beginning January 1, 2025, for Division I and Division II contracts entered into on or after July 1, 2024, payment from the recovery fund is subject to a $100,000 maximum payment for each Division I claim and a $30,000 maximum payment for each Division II claim." The earlier Division I figure was $50,000 for contracts after July 1, 2004, which is why the August 2024 signing date matters.
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