Revises provisions relating to constructional defects. (BDR 3-1144)

AB 505 revises Nevada law governing construction defects in homes and related properties. It requires contractors and design professionals to maintain insurance covering construction defects and mandates that written responses to defect notices include specific details about mediation options or repair plans. The bill updates mediation requirements by setting a clear deadline for written mediation waivers and removes a $750 daily fee cap for mediation. These changes aim to clarify procedures for homeowners seeking remedies and streamline dispute resolution between property owners and construction professionals.