2017 Arkansas Code
Title 17 - Professions, Occupations, and Businesses
Subtitle 2 - Nonmedical Professions
Chapter 25 - Contractors
Subchapter 3 - Licensing
§ 17-25-304. Financial statement
- (1) All persons and entities required by this chapter to be licensed by the Contractors Licensing Board shall transmit to the board with their original and renewal applications a financial statement of the applicant reviewed by a licensed certified public accountant or licensed public accountant in accordance with the American Institute of Certified Public Accountants Statements on Standards for Accounting and Review Services.
- (2) However, if the total cost of the work to be completed by the applicant, including without limitation labor and materials, is less than seven hundred fifty thousand dollars ($750,000) for a single project, the applicant shall transmit to the board with his or her original and renewal applications a compiled financial statement of the applicant prepared by a licensed certified public accountant or licensed public accountant in accordance with the American Institute of Certified Public Accountants Statements on Standards for Accounting and Review Services.
- (1) The financial statement shall not be made public information and shall not be made available for inspection by any person, except pursuant to an order of a court of competent jurisdiction.
- (2) After the contractor is licensed, the board has the option of:
- (A) Destroying the financial statement by the process of shredding; or
- (B) Returning the financial statement to the contractor.
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