South Carolina General Assembly
118th Session, 2009-2010
H. 3116
STATUS INFORMATION
General Bill
Sponsors: Rep. Spires
Document Path: l:\council\bills\nbd\11068ac09.docx
Introduced in the House on January 13, 2009
Currently residing in the House Committee on Labor, Commerce and Industry
Summary: Contractors
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
12/9/2008 House Prefiled
12/9/2008 House Referred to Committee on Labor, Commerce and Industry
1/13/2009 House Introduced and read first time HJ-54
1/13/2009 House Referred to Committee on Labor, Commerce and Industry HJ-54
VERSIONS OF THIS BILL
12/9/2008
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9 A BILL
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11 TO AMEND SECTION 40-11-260, CODE OF LAWS OF
12 SOUTH CAROLINA, 1976, RELATING TO CONTRACTOR’S
13 FINANCIAL STATEMENTS, NET WORTH REQUIREMENTS,
14 AND FINANCIAL LIMITATIONS ON BIDS AND JOBS, SO
15 AS TO INCREASE FOR GROUP FOUR MECHANICAL
16 CONTRACTORS THE BID AND JOB LIMITATION FROM
17 ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS TO
18 FIVE HUNDRED THOUSAND DOLLARS AND THE NET
19 WORTH REQUIREMENT FROM TWENTY-FIVE THOUSAND
20 DOLLARS TO SEVENTY-FIVE THOUSAND DOLLARS.
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22 Be it enacted by the General Assembly of the State of South
23 Carolina:
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25 SECTION 1. Section 40-11-260(B)(4) of the 1976 Code is
26 amended to read:
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28 “(4) Group Four
29 (a) bids and jobs not to exceed $125,000.00 500,000.00
30 per job;
31 (b) on initial application, a financial statement compiled
32 by a licensed certified public accountant or a licensed public
33 accountant in accordance with GAAP, including all disclosures
34 required by GAAP indicating a net worth of twenty-five
35 seventy-five thousand dollars;
36 (c) on renewal, an owner-prepared financial statement
37 with an affidavit of accuracy indicating a required net worth of
38 twenty-five seventy-five thousand dollars, or a financial statement
39 compiled by a licensed certified public accountant or a licensed
40 public accountant in accordance with GAAP, including all
41 disclosures required by GAAP, and indicating a required net worth
42 of twenty-five seventy-five thousand dollars;”
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2 SECTION 2. This act takes effect upon approval by the Governor.
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