The bill amends the existing law regarding the financial statements that must be submitted by licensees of the Contractors Licensing Board in Arkansas. Specifically, it updates the requirements for financial statements based on the total cost of the work to be completed by the applicant. Under the new provisions, if the total cost for a single commercial project is less than one million five hundred thousand dollars ($1,500,000), the applicant is required to submit a compiled financial statement prepared by a licensed certified public accountant or licensed public accountant, rather than a reviewed financial statement.

This change raises the threshold for when a more detailed financial statement is required, increasing it from seven hundred fifty thousand dollars ($750,000) to one million five hundred thousand dollars ($1,500,000). The bill aims to streamline the application process for smaller projects while still ensuring that financial accountability is maintained through the involvement of licensed accountants.

Statutes affected:
SB 186: 17-25-304(a)