The proposed legislation aims to establish a "Lifetime Certificate of License as a Contractor" for individuals who have held a contractor's license for at least twelve years and are at least sixty-five years old. Under the new section 17-25-317, eligible individuals can apply for this lifetime certificate upon providing satisfactory proof of age and paying a one-time fee of $65. Additionally, the bill stipulates that the annual renewal fee for this lifetime license will be waived if all required information is submitted with the renewal application.

Furthermore, individuals who receive the lifetime certificate must maintain all necessary bonds as mandated by law for any work performed as a contractor, whether as an employee or independent contractor. They are also required to have workers' compensation coverage in accordance with the Workers' Compensation Law. This legislation is designed to provide a streamlined licensing process for seasoned contractors while ensuring compliance with existing legal requirements.