Should you cancel, any funds made by you under the contract shall be returned to you within 10 enterprise days following receipt by the contractor of your cancellation notice. As used in this Part, a promise to pay or rebate includes granting any allowance or offering any low cost towards the charges to be charged or paying the insured or any particular person immediately or indirectly related to the property any type of compensation.
A contractor providing home restore or transforming services shall not name in or file a declare to an insurance carrier on the insured’s behalf. The Basic Assembly recognizes that improved communications and correct representations between persons engaged in the enterprise of making dwelling repairs or remodeling and their consumers will improve consumer confidence, scale back the likelihood of disputes, and promote fair and trustworthy practices in that enterprise in this State.
On and after January 1, 2001, any person engaged within the enterprise of dwelling repair and remodeling shall acquire and preserve in full drive and effect through the operation of the business public legal responsibility and property damage insurance within the quantity of $10,000 per incidence for home repair or transforming not in conformance with applicable State, county, or municipal codes, unless the individual has a web worth of not lower than $1,000,000 as decided on the basis of the person’s most up-to-date monetary statement, ready inside 13 months.
(a) An individual engaged in the enterprise of house repair and transforming, that prepares or presents a written offer for home restore and remodeling to a shopper, shall advise the consumer, earlier than the contract or settlement is accepted and executed, of the presence of any contractual provision that requires the buyer to: (i) submit all contract or settlement disputes to binding arbitration rather than a hearing in court earlier than a choose or jury; and (ii) waive his or her right to a trial by jury.
Any person engaged in the business of home restore and reworking shall receive and maintain in full power and effect throughout the operation of the business public legal responsibility and property damage insurance within the quantity of $a hundred,000 per person and $300,000 per prevalence of bodily harm and $50,000 per prevalence for property damage, except the individual has a net value of not less than $1,000,000 as decided on the basis of the person’s most recent monetary statement, prepared within 13 months.