- Contractors must submit experience history applicable to the type of work the Financee will be bidding on, financial statements, equipment lists, references, resumes of principles and bond capacity of $50,000.
- Contract limits are determined by bondability.
- The average processing time on applications is two weeks.
- Prequalification is good for two years.
- Applicants must pass a qualifying examination for licenser with a minimum score of 70 percent.
- Financial statements reflecting minimum working capital amounts are required to be submitted with the application.
- Required minimum working capital amounts are $17,000 for limited, $75,000 for intermediate and $150,000 for unlimited licenses.
- Applicants for intermediate and unlimited licenser must submit audited financial statements with classified balance sheets prepared by a Certified Public Accountant or qualified independent accountant.
- Individual project limits for holders of limited license is set at $250,000 and $500,000 for intermediate licenses.
- Application fees schedules are available by using our information request form.
- Annual renewal fees are $50, $75 and $100 respectively.
- Awards for claims filed with the Homeowners Recovery Fund are limited to a maximum of 10% of the Fund at the time the claim is approved by the Board. Building permit fees are collected at the local level and forwarded to the Board to be deposited into the Fund.