This bill amends the financial statement requirements for applicants seeking licensure from the Contractors Licensing Board in Arkansas. Specifically, it modifies the threshold for the type of financial statement that must be submitted based on the total cost of the work to be completed. Previously, applicants whose projects cost less than $750,000 were required to submit a compiled financial statement; this threshold has now been increased to $1.5 million for single commercial projects.

Under the new provisions, all applicants must submit a financial statement reviewed by a licensed certified public accountant or licensed public accountant with their original and renewal applications. However, if the total project cost is below the new threshold of $1.5 million, a compiled financial statement will suffice. This change aims to streamline the financial reporting process for smaller projects while maintaining oversight for larger undertakings.

Statutes affected:
Old version SB186 V2 - 2-13-2025 10:11 AM: 17-25-304(a)
Old version SB186 Original - 2-3-2025 04:48 PM: 17-25-304(a)
SB 186: 17-25-304(a)
Act 235: 17-25-304(a)