residential contractors' recovery fund; cap

SB 1524 amends Arizona's residential contractors' recovery fund to double the maximum individual claim amount from $30,000 to $60,000 and increase the per-contractor license cap from $200,000 to $400,000. It directly affects homeowners who paid contractors for residential work but didn’t receive completed services (e.g., deposits with no work performed), and residential contractors whose licenses face automatic suspension if the fund pays claims against them. Key provisions include: capping refunds for unpaid deposits at $60,000 (including 10% annual interest), requiring claims to be paid pro-rata if total claims exceed $400,000 per contractor, and mandating license suspension until repayment is made. The bill ensures the fund covers actual repair costs for residential properties only, excluding commercial damage and attorney fees.