Relating to: postloss assignment of rights or benefits under property insurance policies to residential contractors and providing a penalty. (FE)

AB 473 prevents residential contractors from promising to rebate insurance deductibles or negotiating claims on behalf of homeowners after disasters like fires, floods, or tornadoes. It requires contractors to provide a written notice in bold type explaining that signing an assignment transfers insurance claim rights, including a 5-day cancellation window and a warning that insurers may not cover all claimed costs. The bill applies to contractors repairing residential roofs or exterior damage from covered events, ensuring homeowners understand they may still owe costs if insurance doesn’t cover full repairs. Assignments must itemize work and costs but cannot override insurer terms or mortgagee rights.