A BILL TO AMEND SECTION 4011260, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FINANCIAL STATEMENTS AND NET WORTH REQUIREMENTS FOR GENERAL CONTRACTORS AND MECHANICAL CONTRACTORS, SO AS TO ADJUST THE NET WORTH REQUIREMENTS FOR LICENSURE AND LICENSE RENEWAL, AND TO DELETE OBSOLETE LANGUAGE. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Section 4011260 of the 1976 Code is amended to read: (A) An applicant for a general “Section 4011260. contractor’s license or a general license renewal who performs or contractor’s offers to perform contracting work for which the total cost of construction is greater than $5,000.00 five thousand dollars, and an applicant for license group revisions must provide an acceptable financial statement with a balance sheet date no more than twelve months before the date of the relevant application showing a minimum net worth for each license group as follows: (1) Group One (a) bids and jobs not to exceed $30,000.00 per job; (b) required net worth of $6,000.00; (c) on initial application, an ownerprepared financial statement with an affidavit of accuracy; (d) on renewal, an ownerprepared financial statement with an affidavit of accuracy; (2) Group Two (a) bids and jobs not to exceed $100,000.00 $150,000.00 per job;
A BILL TO AMEND SECTION 4011260, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FINANCIAL STATEMENTS AND NET WORTH REQUIREMENTS FOR GENERAL CONTRACTORS AND MECHANICAL CONTRACTORS, SO AS TO ADJUST THE NET WORTH REQUIREMENTS FOR LICENSURE AND LICENSE RENEWAL, AND TO DELETE OBSOLETE LANGUAGE. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Section 4011260 of the 1976 Code is amended to read: “Section 4011260. (A) An applicant for a general contractor’s license or a general contractor’s license renewal who performs or offers to perform contracting work for which the total cost of construction is greater than $5,000.00 five thousand dollars, and an applicant for license group revisions must provide an acceptable financial statement with a balance sheet date no more than twelve months before the date of the relevant application showing a minimum net worth for each license group as follows: (1) Group One (a) bids and jobs not to exceed $30,000.00 per job; (b) required net worth of $6,000.00; (c) on initial application, an ownerprepared financial statement with an affidavit of accuracy; (d) on renewal, an ownerprepared financial statement with an affidavit of accuracy; (2) Group Two (a) bids and jobs not to exceed $100,000.00 $150,000.00 per job;