[§444-29] Management of fund. [Section effective until June 30, 2020. For section effective July 1, 2020, see below. Repeal and reenactment on June 30, 2022. L 2019, c 29, §18(2).] 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, and which shall be available to the contractors license board for educational purposes, which is hereby created. L 1973, c 170, pt of §1

§444-29 Management of fund. [Section effective July 1, 2020. For section effective until June 30, 2020, see above. Repeal and reenactment on June 30, 2022. L 2019, c 29, §18(2).] (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; provided that when the contractors education fund attains a funding level of $15,315 in any fiscal year, the board shall either:

(1) Cease accepting payments made by renewing licensees; or

(2) Develop a process to refund monies in excess of the $15,315 fund balance to licensees who paid into the fund, and refund such monies.

If acceptance of payments is ceased, it shall remain ceased until the funding level falls below $15,315. [L 1973, c 170, pt of §1; am L 2019, c 29, §8]

Attorney General Opinions

Governs hiring of attorneys for board; compliance with §103-3 unnecessary. Att. Gen. Op. 86-9.