An Act relative to the home improvement guaranty fund

This bill modifies the Home Improvement Guaranty Fund in Massachusetts to set stricter limits on how much money can be paid out to homeowners who sue contractors for violations. It caps payments to any single claimant at the lesser of $20,000 or their actual financial loss, while also limiting the total amount paid to claims against a single contractor to $100,000 within a twelve-month period. The fund administrator can only exceed these caps if the contractor repays the full amount, and the bill explicitly excludes consequential damages like attorney fees and punitive damages from coverage. Additionally, the law requires that by December 31, 2028, the single-claimant payment cap be raised from $20,000 to $30,000.