Construction-defects bill before Colorado Senate panel - Denver Business Journal:: "Senate Bill 246, sponsored by Sen. John Morse, D-Colorado Springs, is intended to encourage contractors to correct defective construction and gives homeowners bigger settlements when the problems aren’t addressed.
Under current law, homeowners are entitled to claims dating back to the closing of the house — even if defects are not known to the homeowner at that point.
SB 246 establishes a 6 percent interest on the claims that accrue on a defect from the time of closing and 8 percent that accrues on the defect once there has been notification and the legal process begins."
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The contractors are not amused.
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