2006 Minnesota Statutes

326.945 RESIDENTIAL BUILDING CONTRACTOR AND REMODELER; BOND.
    Subdivision 1. License as of June 30, 1993; license bond. 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. License on or after July 1, 1993; license bond. 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.
History: 1994 c 404 s 2