AN ACT CONCERNING THE DEPARTMENT OF CONSUMER PROTECTION'S RECOMMENDATIONS REGARDING VARIOUS GUARANTY FUNDS.

Summary

The bill creates a Real Estate Guaranty Fund limited to $500,000, allowing aggrieved parties to recover up to $25,000 per real‑estate transaction. Licensees or unlicensed employees who receive fund payments must repay the amount with 10% annual interest before they can obtain a new license. It also adds penalties for false filings and gives the Department of Consumer Protection subrogation rights when it pays a creditor from the fund.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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