Indiana Senate Bill 244 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 11 2023 - 25% progression, died in committee
Action: 2023-01-11 - Senator Byrne added as coauthor
Pending: Senate Commerce & Technology Committee
Text: Latest bill text (Introduced) [PDF]

Surety bond for home improvement suppliers. Amends the statute governing residential real property improvement contracts (statute) to provide that before entering into a real property improvement contract (contract) after June 30, 2023, and throughout the duration of the contract, a real property improvement supplier (supplier) must be covered by a surety bond in the amount of $50,000. Provides that the bond must be payable to the state and must secure the payment of restitution to a person aggrieved by a violation of the statute by the supplier. Provides that the terms of a contract entered into after June 30, 2023, between a supplier and a consumer must include the name of the issuer of the supplier's bond, along with the bond number or similar identifier. Amends provisions concerning a consumer's right to cancel a contract to provide that a consumer may cancel a contract before midnight on the third business day after the latest of the following occurs: (1) The date the contract is signed by the consumer and the supplier. (2) If applicable, the date the consumer receives written notice from the consumer's insurance company as to whether all or any part of the consumer's claim or the contract is a covered loss. (3) For a contract entered into after June 30, 2023, the date the supplier provides the consumer with the name of the issuer of the supplier's required bond, along with the bond number or similar identifier. (Current law provides that a consumer may cancel a contract before midnight on the third business day after the later of the following: (1) The date the contract is signed by the consumer and the supplier. (2) If applicable, the date the consumer receives written notice from the consumer's insurance company as to whether all or any part of the consumer's claim or the contract is a covered loss.)

Surety bond for home improvement suppliers.

Sen. Jack Sandlin [R]

Sen. Gary Byrne [R]

Date	Chamber	Action
2023-01-11	Senate	Senator Byrne added as coauthor
2023-01-11	Senate	First reading: referred to Committee on Commerce and Technology
2023-01-11	Senate	Authored by Senator Sandlin

Type	Source
Summary	https://iga.in.gov/legislative/2023/bills/senate/244/details
Text	https://iga.in.gov/legislative/2023/bills/senate/244/#1.INTR