1999 Minnesota Statutes

     326.945 Residential building contractors and remodelers; 
  bond maintenance until license renewal. 

    Subdivision 1.    Residential building contractors and 
 remodelers licensed as of June 30, 1993.  A residential 
 building contractor or remodeler licensed under section 326.84 
 who had a license in effect as of June 30, 1993, must, until the 
 license is renewed, continuously maintain the license bond which 
 was posted with the commissioner under section 326.94 when the 
 person was initially licensed.  

    Subd. 2.    Residential building contractors and 
 remodelers licensed on or after July 1, 1993.  A residential 
 building contractor or remodeler who obtains a license on or 
 after July 1, 1993, but before April 1, 1994, must post a 
 license bond with the commissioner, conditioned that the 
 applicant shall faithfully perform the duties and in all things 
 comply with all laws, ordinances, and rules pertaining to the 
 license or permit applied for and all contracts entered into, 
 and must continuously maintain the license bond until the 
 license is renewed.  The required license bond must be in the 
 following amount: 

    (1) $5,000 for a residential building contractor or 
 remodeler with annual gross receipts of $1,000,000 or less; 

    (2) $10,000 for a residential building contractor or 
 remodeler with annual gross receipts of more than $1,000,000 but 
 less than $5,000,000; or 

    (3) $15,000 for a residential building contractor or 
 remodeler with annual gross receipts of $5,000,000 or more. 

    Subd. 3.    Residential building contractors and 
 remodelers; recovery fund fee prorated.  A residential 
 building contractor or remodeler licensed under section 326.84, 
 who does not maintain a license bond under section 326.94, shall 
 pay a one-twelfth share of the contractor's recovery fund fee 
 set in section 326.975, subdivision 1, paragraph (a), clause 
 (1), in lieu of the license bond for each month or any portion 
 of a month the licensee is not bonded prior to license renewal. 

    HIST: 1994 c 404 s 2