The provision also meant they could not submit a complaint about the contractor that could be investigated by the Office of Consumer Affairs and potentially provide useful background information for a future consumer looking to hire someone.
"Do I want to commit another $50,000 to get my $10,000 back?" Zoya Derman asked."It just didn't make sense. It just seemed like it was stacked up against us." As a result, the balance has ballooned from $750,000 in 2016 all the way up to $4.4 million this year. During fiscal year 2022, the fund generated $800,614 in revenue and paid out $170,615 to homeowners in approved claims.
That's why Moran is filing legislation that would raise the Guaranty Fund limit up to $30,000 per consumer.The proposed bill would also require background checks for contractors when the register or renew with the Commonwealth. The agency that oversees contractors would be empowered to prohibit registration if a contractor has a conviction for gross fraud.