TO AMEND THE LAW CONCERNING FINANCIAL STATEMENTS REQUIRED TO BE SUBMITTED BY A LICENSEE OF THE CONTRACTORS LICENSING BOARD.

SB 186 increases the financial reporting threshold for contractors. It changes the requirement for licensees of the Contractors Licensing Board to submit financial statements from $750,000 to $1,500,000 for a single commercial project. This means contractors with projects under $1.5 million no longer need to submit these statements. The bill directly affects residential and commercial contractors whose individual projects meet or exceed the new $1.5 million threshold.