[§444-25.7]  Roofing contractors guarantee
bond.  (a)  Every contract executed for the purpose of constructing,
repairing or improving a roof covering, which contract states a guarantee for
workmanship for a period in excess of seven years, shall be accompanied by a
bond, executed by the licensee as principal and by a surety company authorized
to do business in the State as a surety, for the replacement value of such roof
covering; provided that no surety company shall be compelled to issue a bond
for any guarantee pursuant to a contract under this section which it would not
ordinarily bond or consider to be a bondable project.



(b)  Such bond shall be for the exclusive
benefit of, and be limited to, an owner or lessee of a private residence,
including a condominium or cooperative unit, who has contracted with a duly
licensed contractor for the construction of a roof covering to the owner's or
lessee's own private residence and who has filed an appropriate claim for the
replacement value of a roof covering which has become faulty or defective
within the stated guarantee period.



(c)  The surety bond shall be continuous in
form and the total aggregate liability of the surety for all claims shall be
limited to the face amount of the bond irrespective of the number of years the
bond is in force.



(d)  Any claim or subsequent action to make a
claim against the bond shall be brought not later than one year after the
expiration of the guarantee period for which the bond has been provided. 
Claims against the bond, as provided in this section, shall not in any way
supersede or prevent claims made under section 444-26 or any other appropriate
statute or law.



(e)  Every contractor licensed to perform under
this chapter shall, prior to entering into a contract covered by this section,
provide to the owner appropriate information to evidence the existence of the
bond and its conditions in writing.



(f)  Bonds required under this section shall be
in addition to any other bond required by this chapter or any other bond required
or executed between a contractor and an owner or other contracting agency.



(g)  Any violation by any contractor of any
provision of this section or failure to maintain in full force and effect any
bond required by this section, shall be deemed to be an unfair and deceptive
act or practice. [L 1980, c 289, §1; gen ch 1985]