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Indicates Matter Stricken
Indicates New Matter
AMENDED
April 20, 1999
H. 3798
Introduced by Reps. Bailey, Barfield, Allen, Allison, Altman, Askins, Bales, Battle, Beck, Breeland, G. Brown, H. Brown, J. Brown, T. Brown, Campsen, Canty, Carnell, Cato, Clyburn, Cobb-Hunter, Cotty, Dantzler, Davenport, Delleney, Edge, Emory, Gamble, Gourdine, Gilham, Hamilton, Harris, Harrell, Harrison, Harvin, Haskins, Hawkins, Hayes, J. Hines, Hinson, Howard, Inabinett, Jennings, Keegan, Kelley, Kennedy, Kirsh, Klauber, Knotts, Koon, Lanford, Law, Leach, Lee, Limehouse, Littlejohn, Lloyd, Loftis, Lourie, Lucas, Mack, Maddox, Martin, Mason, McCraw, McGee, M. McLeod, W. McLeod, McMahand, Meacham, Miller, Moody-Lawrence, Neal, Neilson, Ott, Parks, Phillips, Pinckney, Rhoad, Rice, Riser, Robinson, Rodgers, Rutherford, Sandifer, Scott, Sharpe, Sheheen, Simrill, J. Smith, F. Smith, R. Smith, Stille, Taylor, Townsend, Tripp, Trotter, Vaughn, Walker, Webb, Whatley, Whipper, Wilder, Wilkins, Witherspoon, Woodrum and Young-Brickell
S. Printed 4/20/99--H.
Read the first time March 30, 1999.
TO AMEND SECTION 40-11-260, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FINANCIAL STATEMENT REQUIREMENTS FOR GENERAL AND MECHANICAL CONTRACTORS' LICENSURE, SO AS TO PROVIDE THAT ON RENEWAL A GENERAL CONTRACTOR BIDDING AND PERFORMING ON JOBS NOT EXCEEDING A SPECIFIED AMOUNT MAY SUBMIT AN OWNER-PREPARED FINANCIAL STATEMENT WITH AN AFFIDAVIT OF ACCURACY INDICATING A CERTAIN REQUIRED NET WORTH, RATHER THAN REQUIRING A CERTIFIED PUBLIC ACCOUNTANT TO PREPARE THE FINANCIAL STATEMENT.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-11-260(A)(3)(b), (c), and (d) of the 1976 Code, as last amended by Act 440 of 1998, is further amended to read:
"Group Three
(b) required net worth of $70,000.00;
(c) on initial application, a financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with Generally Accepted Accounting Principles (GAAP), including all disclosures required by GAAP indicating a required net worth of seventy thousand dollars;
(d)(c) on renewal, a an owner-prepared financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP with an affidavit of accuracy indicating a required net worth of seventy thousand dollars,"
SECTION 2. Section 40-11-260(A)(4)(b), (c), and (d) of the 1976 Code, as last amended by Act 440 of 1998, are further amended to read:
"Group Four
(b) required net worth of $150,000.00;
(c) on initial application, a financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP indicating a required net worth of one hundred fifty thousand dollars;
(d)(c) on renewal, a an owner prepared financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP with an affidavit of accuracy indicating a required net worth of one hundred fifty thousand;"
SECTION 3. Section 40-11-260(B) of the 1976 Code, as last amended by Act 440 of 1998, is further amended to read:
"(3) Group Three
(a) bids and jobs not to exceed $50,000.00 per job;
(b) required net worth of $10,000.00;
(c) on initial application, a financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with Generally Accepted Accounting Principles (GAAP), including all disclosures required by GAAP indicating a net worth of ten thousand dollars;
(d)(c) on renewal, a an owner-prepared financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP with an affidavit of accuracy indicating a required net worth of ten thousand dollars;"
SECTION 4. Section 40-11-260(B) of the 1976 Code, as last amended by Act 440 of 1998, is further amended to read:
"(4) Group Four
(a) bids and jobs not to exceed $125,000.00 per job;
(b) required net worth of $25,000.00;
(c) on initial application, a financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP indicating a net worth of twenty-five thousand dollars;
(d)(c) on renewal, a an owner-prepared financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP with an affidavit of accuracy indicating a required net worth of twenty-five thousand dollars;"
SECTION 5. Section 40-11-360(A)(8) of the 1976 Code, as added by Act 440 of 1998, is amended to read:
"(8) Public owners performing all or a portion of any work on a project themselves as long as the work performed falls within the limitations of a License Group 2 3 General Contractor or a License Group 3 4 Mechanical Contractor, and so long as the public owner employs a certified qualifying party in the appropriate classification."
SECTION 6. Section 40-11-360(A) of the 1976 Code, as added by Act 440 of 1998, is amended by adding:
"(9) Renovations and maintenance projects of the South Carolina Department of Corrections whereby all labor is supplied from that department's own labor forces."
SECTION 7. This act takes effect upon approval by the Governor.
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