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Tennessee Board of Licensing Contractors
2017 Legislative Update
The Tennessee General Assembly enacted statutory amendments during the 2017 legislative session which may impact licensees of the Tennessee Board for Licensing Contractors. The following Public Chapters specifically amend the Tennessee Code Annotated as follows:
• Public Chapter No. 237 (SB0355/HB0906) increases the monetary limit from $1.5 million to $3 million requiring any contractor license applicant to submit financial statements that must be audited and attested to by a reviewing accountant per T.C.A.§ 62-6-111(b)(3-4), instead of being reviewed or audited. This act also increases the maximum value of buildings that small commercial building contractors may build for use and occupancy by the general public from $750,000 to $1.5 million. A copy of the new law is available for review on the website of the Tennessee Secretary of State here.
• Public Chapter No. 226 (SB1188/HB300) in Section 5 removes the option for Home Improvement Contractors to file cash bonds to fulfill the licensure requirement found in T.C.A. §62-6-506(h). Surety bonds, property bonds, and irrevocable lines of credit still fulfill the requirement. A copy of the new law is available for review on the website of the Tennessee Secretary of State here.
You can access a full copy of the Tennessee Annotated Code chapter that relates to Contractors here.
If you have any questions or concerns about these new laws, please contact us by email at reg.boards@tn.gov
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