Finds that homeowners have experienced problems in residential construction, resulting in great economic loss, and that there are limited remedies available at law, if any.

Creates a committee on residential construction, which consists of members who have experience and expertise in residential construction law or residential construction.

Provides that the committee shall deliver to the consumer protection and housing committee of the senate and the judiciary committee of the house of representatives a report of the findings and conclusions of the committee and any proposed legislation by December 31, 2007.