The bill amends the financial statement requirements for licensees of 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, if the cost was less than seven hundred fifty thousand dollars ($750,000), a compiled financial statement was required. The new legislation raises this threshold to one million five hundred thousand dollars ($1,500,000) for a single commercial project, allowing applicants whose projects fall below this amount to submit a compiled financial statement instead of a reviewed financial statement.

This change aims to streamline the application process for smaller projects while maintaining oversight by requiring financial statements prepared by licensed accountants. The bill reflects a shift in regulatory requirements to better accommodate the financial realities of contractors working on less expensive projects, thereby potentially reducing the administrative burden on these licensees.

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)