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 threshold was set at $10,000, and the bond amount for such projects was $5,000. Under the new provisions, the bond amount for these smaller projects will increase to $10,000, aligning with the new threshold of $20,000 to prevent evasion of higher bonding requirements.

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