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District of Columbia Code Division VIII. General Laws. § 47-2853. f. Establishment of Residential and Commercial Contractor Guaranty and Education Fund.

Current as of January 01, 2024 | Updated by Findlaw Staff

<Text of section applicable upon the later of January 1, 2026, or 120 days after the date of inclusion of its fiscal effect in an approved budget and financial plan.>

(a) There is established a Residential and Commercial Contractor Guaranty and Education Fund (“Fund”).

(b)(1) On or after the effective date of the Construction Manager and General Contractor Licensing Amendment Act of 2024, passed on 2nd reading on October 1, 2024 (Enrolled version of Bill 25-737), every commercial and residential contractor licensed under this subchapter shall, as a condition for renewing his or her license, pay, in addition to other fees required under this subchapter, a sum to be established by the Mayor for deposit into the Fund.

(2) Such amounts as may be appropriated to the Fund shall be deposited into the Fund.

(3)(A) The money deposited into the Fund but not expended in a fiscal year shall not revert to the unassigned fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.

(B) Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-2853. f. Establishment of Residential and Commercial Contractor Guaranty and Education Fund. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-2853-78f/

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