Just over two months ago, one of the most significant pieces of legislation affecting the residential construction industry in years became law. The Nevada Subcontractors Association and the Southern Nevada Homebuilders Association hosted a joint Monthly Networking Breakfast to explain how the new law will affect your business.
AB125 passed the Nevada Legislature and was signed into law by Governor Brian Sandoval during the first month of the 2015 legislative session. This landmark legislation restores Nevada’s Chapter 40 to its original intent – “facilitating a quick and efficient resolution of construction defect claims whenever possible,” as the breakfast’s presentation described. Chapter 40 is the section of the Nevada Revised Statutes that covers construction defect laws.
Many of the provisions of AB125 took effect immediately upon passage so much of the law is already in effect. This fact makes it even more vital for anyone involved in residential construction to understand the impact of the reforms of AB125.
The event featured four speakers with extensive knowledge of Chapter 40 and AB125’s reforms – Joshua Hicks of Brownstein Hyatt Farber and Schreck who also serves as the SNHBA attorney and lobbyist, Craig Marquiz, of the Marquiz law firm who is also NSA counsel, David Jennings of DR Horton and John Cahlan of Pulte Homes. Approximately 200 people associated with the residential construction industry – homebuilders, subcontractors, suppliers and others – attended the meeting.
The NSA thanks all those who participated in this event as well as everyone who worked on the passage of AB125. This landmark law was the culmination of years of effort and of the residential construction industry working together along with elected officials to achieve positive results.