Contractors, Board for; optional bonding for Class A and B contractors.

Allows applicants for Class A and Class B contractor licenses to demonstrate financial responsibility by posting a surety bond for both initial application for licensure and subsequent renewals in lieu of providing a financial statement. The bill provides a process for recovery on a surety bond of a contractor who has elected to post such a bond. The bill also amends the Virginia Contractor Transaction Recovery Act (the Act) by providing that an informal fact-finding conference or formal hearing under the Administrative Process Act is not required as a part of the consideration of the claim against the Act unless requested by the claimant. Under current law, an informal fact-finding conference may be held at the discretion of the Department of Professional and Occupational Regulation.