Bill
SB 1059
Overview: SB 1059, a bill relating to the Virginia Contractor Transaction Recovery Fund.Purpose and Intent: The bill aims to update the limits and thresholds for claims made to the
Overview: SB 1059, a bill relating to the Virginia Contractor Transaction Recovery Fund.
Purpose and Intent: The bill aims to update the limits and thresholds for claims made to the Virginia Contractor Transaction Recovery Fund, which provides financial assistance to consumers who have been harmed by the actions of licensed contractors.
Key Provisions:
- Increases the claim limits for the Contractor Transaction Recovery Fund
- Adjusts the license threshold amounts for contractors to be eligible for the fund
- Streamlines the claims process and enhances consumer protections
Affected Parties and Impacts: The bill directly affects licensed contractors in Virginia, as well as consumers who have experienced issues with contractors and may seek assistance from the Contractor Transaction Recovery Fund.
Procedural and Timeline Considerations: The bill has been enacted into law, becoming Chapter 133 of the Acts of Assembly.
Compiled from official sources — confirm details with the bill’s official record.
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