South Carolina General Assembly
117th Session, 2007-2008

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H. 3997

STATUS INFORMATION

General Bill
Sponsors: Rep. Spires
Document Path: l:\council\bills\nbd\11522ac07.doc

Introduced in the House on April 26, 2007
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Mechanical contractors

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/26/2007  House   Introduced and read first time HJ-3
   4/26/2007  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-3

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/26/2007

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 40-11-260, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CONTRACTOR'S FINANCIAL STATEMENTS, NET WORTH REQUIREMENTS, AND FINANCIAL LIMITATIONS ON BIDS AND JOBS, SO AS TO INCREASE FOR GROUP FOUR MECHANICAL CONTRACTORS THE BID AND JOB LIMITATION FROM ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS TO FIVE HUNDRED THOUSAND DOLLARS AND THE NET WORTH REQUIREMENT FROM TWENTY-FIVE THOUSAND DOLLARS TO SEVENTY-FIVE THOUSAND DOLLARS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 40-11-260(B)(4) of the 1976 Code is amended to read:

"(4)    Group Four

(a)    bids and jobs not to exceed $125,000.00 500,000.00 per job;

(b)    on initial application, a financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP indicating a net worth of twenty-five seventy-five thousand dollars;

(c)    on renewal, an owner-prepared financial statement with an affidavit of accuracy indicating a required net worth of twenty-five seventy-five thousand dollars, or a financial statement compiled by a licensed certified public accountant or a licensed public accountant in accordance with GAAP, including all disclosures required by GAAP, and indicating a required net worth of twenty-five seventy-five thousand dollars;"

SECTION    2.    This act takes effect upon approval by the Governor.

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