§444-27 Additional payments to fund. (a) At any time when the balance remaining in the contractors recovery fund is less than $250,000, the board may assess every contractor a fee not to exceed $500 annually for deposit in the contractors recovery fund.
(b) The failure of any contractor to pay the assessment within sixty days from the date of assessment shall constitute a forfeiture of the contractor's license. The board may impose other penalties or requirements as a condition of restoration of the license. [L 1973, c 170, pt of §1; am L 1977, c 127, §2; am L 1983, c 201, §5; gen ch 1985; am L 1994, c 132, §3]