Bills › 89th General Assembly
Relating to demolition reserves on fire and casualty claims on real property located within a city and requesting an interim study on such reserves
Topics:Business & economy
Where it is now
- Done: IntroducedJanuary 21, 2021
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill provides that an insurer that has issued a fire and casualty insurance policy for the payment of damages to real property located in a city must reserve an amount equal to $20,000 or percent of the payment for damages, whichever is greater, as a demolition cost reserve. Currently, the required amount is $10,000 or percent of the payment, whichever is greater. A city can claim proceeds from the reserve if the city incurs costs to demolish a building where the damage to the property renders it uninhabitable or unfit for its purpose, without repair, and proof of loss indicates that damage to the insured structure or building exceeds percent of the face value of the policy covering the building or structure.
Read the full explanation
The bill also includes a request that the legislative council establish an interim study committee for the purpose of reviewing the demolition reserve statute to consider whether the statute adequately meets the needs of cities of various sizes and geographic locations within the state.
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Study bill
89th General Assembly
Earlier and later bills are matched by wording or an identical title.
Tried before
This idea has been filed in an earlier General Assembly. None got through a chamber.
- HF 225 Relating to demolition reserves on fire and casualty claims on real property located withi…88th General Assembly · Approved by committee · same titleCleared committee
- SF 216 Relating to demolition reserves on fire and casualty claims on real property located withi…88th General Assembly · Renumbered as SF 557 · same titleCleared committee
- SF 557 Relating to demolition reserves on fire and casualty claims on real property located withi…88th General Assembly · Approved by committee · same titleCleared committee
Matched by wording or an identical title.