Bill Text: AZ HB2038 | 2010 | Forty-ninth Legislature 2nd Regular | Engrossed
Bill Title: Residential contractors' recovery fund
Spectrum: Partisan Bill (Republican 3-0)
Status: (Engrossed - Dead) 2010-03-08 - Referred to Senate APPROP Committee [HB2038 Detail]
Download: Arizona-2010-HB2038-Engrossed.html
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House Engrossed |
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State of Arizona House of Representatives Forty-ninth Legislature Second Regular Session 2010
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HOUSE BILL 2038 |
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AN ACT
amending section 32‑1134, Arizona Revised Statutes; relating to the residential contractors' recovery fund.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 32-1134, Arizona Revised Statutes, is amended to read:
32-1134. Powers and duties of registrar
A. The registrar shall:
1. Establish assessments and maintain the fund balance at a level sufficient to pay operating costs and anticipated claims using the cash basis of accounting.
2. Cause an examination of the fund to be made every three years by an independent certified public accountant.
3. File with the department of insurance an annual statement of the condition of the fund.
4. Employ accountants and attorneys from monies in the fund, but not to exceed ten thousand dollars in any fiscal year, that are necessary for the performance of the duties prescribed in this section.
5. Employ or contract with individuals and procure equipment and operational support, to be paid from or purchased with monies in the fund, but not to exceed ten in any fiscal year fourteen per cent of the total monies deposited in the fund in any the prior fiscal year, as may be necessary to monitor, process or oppose claims filed by injured persons which may result in collection from the recovery fund.
B. Notwithstanding section 32‑1135, the registrar may expend interest monies from the fund to increase public awareness of the fund. This expenditure shall not exceed fifty thousand dollars in any fiscal year.
Sec. 2. Emergency
This act is an emergency measure that is necessary to preserve the public peace, health or safety and is operative immediately as provided by law.
