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TO AMEND SECTION 40-59-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LICENSES OF RESIDENTIAL BUILDERS AND RESIDENTIAL SPECIALTY CONTRACTORS, SO AS TO REVISE THE AMOUNT OF THE BOND REQUIRED OF A PERSON HOLDING THESE LICENSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-59-220(C), as last amended by Act 259 of 2002, and (D), as last amended by Act 289 of 2004, of the 1976 Code is further amended to read:
"(C) The commission shall issue a residential builder's license if, as a result of examination, the commission finds that the applicant is qualified to engage in residential building in South Carolina, and the applicant submits an executed bond in the form and with a surety approved by the commission in the sum of not less than fifteen thirty thousand dollars or proof of financial responsibility acceptable to the commission.
(D) The commission shall issue a residential specialty contractor's license for which the applicant is qualified if, as a result of examination, the commission finds that the applicant is qualified to engage in residential specialty contracting in South Carolina. When the cost of an undertaking performed by a residential specialty contractor for an individual property owner exceeds five thousand dollars, the residential specialty contractor must obtain an executed bond with a surety in an amount approved by the commission of thirty thousand dollars."
SECTION 2. This act takes effect upon approval by the Governor.
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