OLR Report 2015-R-0099 provides an overview of the Home Improvement Guaranty Fund, including fund-related statistics.
The Home Improvement Guaranty Fund was established in 1988 to reimburse consumers (up to $15,000 per claim) unable to recover losses suffered because the registered contractor failed to fulfill a contract valued over $200 (CGS § 20-432).
According to the Department of Consumer Protection, in the last five fiscal years, the guaranty fund was used to pay restitutions totaling $10,196,669.21 (1,297 consumer claims averaging approximately $7,900 each).
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