Senate Labor, Commerce & Industry Committee Amendment
H 4115 - Session 125 (2023-2024)
Contractors

The Committee on Labor, Commerce and Industry proposes the following amendment (LC-4115.WAB0004S):

Amend the bill, as and if amended, SECTION 9, by striking Section 40-11-260(A)(2)(b) and inserting:

  (b) required net worth of  $40,000.00sixty thousand dollars or working capital of forty thousand dollars;

Amend the bill further, SECTION 9, by striking Section 40-11-260(A)(3)(b), (c), and (d) and inserting:

  (b) required net worth of  $100,000.00one hundred fifty thousand dollars or working capital of one hundred thousand dollars;

  (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 one hundred thousand dollarsone hundred fifty thousand dollars or working capital of one hundred thousand dollars;

  (d) on renewal, an owner-prepared financial statement  on a form prescribed by the board with an affidavit of accuracy indicating a required net worth of one hundred thousand dollarsone hundred fifty thousand dollars or working capital of one hundred thousand dollars, or 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, and indicating a required net worth of one hundred thousand dollarsone hundred fifty thousand dollars or working capital of one hundred thousand dollars;

Amend the bill further, SECTION 9, by striking Section 40-11-260(A)(4)(b), (c), and (d) and inserting:

  (b) required net worth of  $175,000.00two hundred fifty thousand dollars or working capital of one hundred seventy-five thousand dollars;

  (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 seventy-five thousand dollarstwo hundred fifty thousand dollars or working capital of one hundred seventy-five thousand dollars;

  (d) on renewal, an owner-prepared financial statement  on a form prescribed by the board with an affidavit of accuracy indicating a required net worth of one hundred seventy-five thousand dollarstwo hundred fifty thousand dollars or working capital of one hundred seventy-five thousand dollars, or 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, and indicating a required net worth of two hundred fifty thousand dollars or working capital of one hundred seventy-five thousand dollars;

Amend the bill further, SECTION 9, by striking Section 40-11-260(A)(5)(b) and (c) and inserting:

  (b) required net worth of  $250,000.00three hundred fifty thousand dollars or working capital of two hundred fifty thousand dollars;

  (c) on initial application,  a financial statement audited an audited balance sheet prepared by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP, and indicating a required net worth of three hundred fifty thousand dollars or working capital of two hundred fifty thousand dollars;

Amend the bill further, SECTION 9, by striking Section 40-11-260(B)(2)(b) and inserting:

  (b) required net worth of  $10,000.00fifteen thousand dollars or working capital of ten thousand dollars;

Amend the bill further, SECTION 9, by striking Section 40-11-260(B)(3)(b), (c), and (d) and inserting:

  (b) required net worth of  $20,000.00thirty thousand dollars or working capital of twenty thousand dollars;

  (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 thirty thousand dollars or working capital of twenty thousand dollars;

  (d) on renewal, an owner-prepared financial statement  on a form prescribed by the board with an affidavit of accuracy indicating a required net worth of thirty thousand dollars or working capital of twenty thousand dollars, or 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, and indicating a required net worth of thirty thousand dollars or working capital of twenty thousand dollars;

Amend the bill further, SECTION 9, by striking Section 40-11-260(B)(4)(b), (c), and (d) and inserting:

  (b) required net worth of  $40,000.00sixty thousand dollars or working capital of forty thousand dollars;

  (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 fortysixty thousand dollars;

  (d) on renewal, an owner-prepared financial statement with an affidavit of accuracy indicating a required net worth of  fortysixty thousand dollars, or 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, and indicating a required net worth of sixty thousand dollars or working capital of forty thousand dollars;

Amend the bill further, SECTION 9, by striking Section 40-11-260(B)(5)(b), (c), and (d) and inserting:

  (b) required net worth of  $200,000.00three hundred thousand dollars or working capital of two hundred thousand dollars;

  (c) on initial application,  a financial statementan audited balance sheet prepared by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP, and indicating a required net worth of three hundred thousand dollars or working capital of two hundred thousand dollars;

  (d) on renewal, a financial statement  on a form prescribed by the board reviewed by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP, and indicating a required net worth of three hundred thousand dollars or working capital of two hundred thousand dollars.