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GT Alert

Attention Florida Homebuilders: 2004 Legislative Changes to Florida Construction Industries Recovery Fund

May 2004
By Michael J. Sabatello, Greenberg Traurig

Click for information on Adobe Acrobat.  View or download the PDF version of this Alert here.


Michael J. Sabatello
"The Bill ... revises the required contract disclosure under Section 489.1425, Florida Statues."

2004 Florida Senate Bill 2132 (the “Bill”) implements changes to the Florida Construction Industries Recovery Fund, which will now be known as the Florida Homeowners’ Construction Recovery Fund (the “Fund”). The Bill (1) narrows the focus of the Fund to residential construction; (2) changes the claims procedure; and (3) revises the required contract disclosure under Section 489.1425, Florida Statues. The new disclosure is as follows:

FLORIDA HOMEOWNERS’ CONSTRUCTION RECOVERY FUND:

PAYMENT MAY BE AVAILABLE FROM THE FLORIDA HOMEOWNERS’ CONSTRUCTION RECOVERY FUND IF YOU LOSE MONEY ON A PROJECT PERFORMED UNDER CONTRACT, WHERE THE LOSS RESULTS FROM SPECIFIED VIOLATIONS OF FLORIDA LAW BY A LICENSED CONTRACTOR. FOR INFORMATION ABOUT THE RECOVERY FUND AND FILING A CLAIM, CONTACT THE FLORIDA CONSTRUCTION INDUSTRY LICENSING BOARD AT THE FOLLOWING TELEPHONE NUMBER AND ADDRESS:

FLORIDA CONSTRUCTION INDUSTRY LICENSING BOARD
1940 NORTH MONROE STREET
TALLAHASSEE, FLORIDA 32399-1039
(850) 487-1395

The foregoing statement must be included in any contract for repair, restoration, improvement or construction of a residential building.

This SB 2132 is currently awaiting the Governor’s action. If approved, the provisions of SB 2132 will become effective July 1, 2004.

 

© 2004 Greenberg Traurig


Additional Information:

For more information, please review our Real Estate Practice description, or feel free to contact one of our attorneys.


This GT ALERT is issued for informational purposes only and is not intended to be construed or used as general legal advice. Greenberg Traurig attorneys provide practical, result-oriented strategies and solutions tailored to meet our clients’ individual legal needs.