Are there any financial requirements to meet in order to qualify for a contractors license?
Yes. All applicants for a new contractor’s license, other than those applying for a joint venture license, must have more than $2,500 worth of operating capital. Operating capital is defined as your current assets minus your current liabilities. 51. Are there any bond requirements for a contractor’s license? Yes. It is your responsibility to file with the registrar a contractor’s bond or cash deposit in the amount of $7,500 (except for the C-53, Swimming Pool classification, which requires a $10,000 bond or cash deposit). In addition, you must submit a separate Bond of Qualifying Individual or cash deposit in the amount of $7,500 for the responsible managing employee (RME) or the responsible managing officer (RMO). However, the CSLB may grant an exemption from the requirement to file a Bond of Qualifying Individual if the RMO certifies that he or she owns 10 percent or more of the voting stock or equity of the corporation for which he or she is to serve as the qualifying individual. 52
Yes. All applicants for a new contractor’s license, other than those applying for a joint venture license, must have more than $2,500 worth of operating capital. Operating capital is defined as your current assets minus your current liabilities. 55. Are there any bond requirements for a contractor’s license? Yes. It is your responsibility to file a contractor’s bond or cash deposit with the Registrar in the amount of $10,000. In addition, you must submit a separate Bond of Qualifying Individual or cash deposit in the amount of $7,500 for the Responsible Managing Employee (RME) or the Responsible Managing Officer (RMO). However, the CSLB may grant an exemption from the requirement to file a Bond of Qualifying Individual if the RMO certifies that he or she owns 10 percent or more of the voting stock or equity of the corporation for which he or she is to serve as the qualifying individual. 56. Where do I obtain bonds? You may purchase bonds from your insurance agent or from one of the pri
