The bill amends the bond requirements for contractors in Alaska, specifically adjusting the amounts based on the type of contractor and the scope of their work. For general contractors, the bond amount is set at $25,000, while those with a residential contractor endorsement performing exclusively residential work will have a bond requirement of $20,000. Mechanical or specialty contractors, as well as home inspectors, will be required to have a bond of $10,000.

Additionally, the bill modifies the bond requirement for contractors working on projects with an aggregate contract price of $20,000 or less. Previously, the bond for such projects was $10,000, but it has now been increased to $20,000. Furthermore, the bond amount for contractors whose work is not part of a larger operation has been adjusted from $5,000 to $10,000. These changes aim to ensure that bond requirements are more reflective of the project size and contractor type.

Statutes affected:
HB0181A, AM HB 181, introduced 04/09/2025: 08.18.071