§444-29 Management of fund. [Repeal and reenactment of section on June 30, 2022, by L 2019, c 29, §18(2) deleted by L 2020, c 12, §8.] (a) The sums received by the contractors license board for deposit in the contractors recovery fund shall be held by the contractors license board in trust for carrying out the purposes of the contractors recovery fund. The contractors license board, as trustee of the recovery fund, shall be authorized to retain private legal counsel to represent the board in any action which may result in collection from the contractors recovery fund. These funds may be invested and reinvested in the same manner as funds of the state employees' retirement system, and the interest from these investments shall be deposited to the credit of the contractors education fund.
(b) The contractors education fund, which is hereby created, shall be available to the contractors license board for educational purposes.
(c) Any law to the contrary notwithstanding, to maintain a reasonable relation between the fees generated and the cost of services rendered by the contractors recovery fund and the contractors education fund, the board may make a finding that a fee adjustment is appropriate and adjust the fees generated by renewals accordingly. For the purposes of finding that a fee adjustment is appropriate in order to maintain a reasonable relation between the fees generated and the cost of services rendered by the funds, the board's review shall include the following:
(1) Frequency and timing of anticipated revenue to the fund;
(2) Identification of a reserve amount based on unanticipated revenue reductions and historical expenditures;
(3) Anticipated expenses paid, including recovery payouts during a biennial budget cycle;
(4) Unanticipated natural disasters or catastrophic weather events that may increase fund payments; and
(5) Any statutory adjustments to fund payout amounts.
The balance in each fund shall not exceed sums determined by the board. The sums shall be determined by the board biennially. [L 1973, c 170, pt of §1; am L 2019, c 29, §§8, 18(2); am L 2020, c 12, §§2, 8]
Attorney General Opinions
Governs hiring of attorneys for board; compliance with §103-3 unnecessary. Att. Gen. Op. 86-9.