Relating to construction contractors; prescribing an effective date.

Prohibits a major residential contractor from collecting or retaining more than 50 percent of the original contract price before substantially completing a remodeling or repair of an owner-occupied one-family or two-family residential structure if the original contract price exceeds $40,000. Permits a major residential contractor to collect not more than 50 percent of the increase in the contract price if the property owner agrees in writing to changes that increase the contract price by $20,000 or more. Permits a major residential contractor to require a property owner to make progress payments solely to cover the costs of materials, supplies and payments to subcontractors.