Sec. 12. (a) Before entering into a contract with an insured, a public adjuster shall provide to the insured a written disclosure concerning any direct or indirect financial interest that the public adjuster has with any other party that is or will be involved in any aspect of the insured’s claim, other than by receiving a salary, fee, commission, or other consideration that will be established in the written contract with the insured.

     (b) The direct or indirect financial interests that a public adjuster must disclose to an insured under subsection (a) includes any ownership by the public adjuster of, or any compensation that the public adjuster can expect to be received from, any:

(1) construction firm;

(2) salvage firm;

(3) lawyer or law firm;

(4) building appraisal firm; or

(5) board up company;

or any other firm that provides estimates for work, or performs any work in conjunction with the insured loss to which the contract between the public adjuster and the insured applies.

As added by P.L.226-2023, SEC.7.