AR SB631

Increases the threshold cost requirement for general contractor licensing from $20,000 to $50,000 across all relevant sections of Arkansas contractor licensing law.

Applies the new $50,000 threshold to contractor definitions, licensing requirements, penalties for unlicensed contracting, and building permit applications.

Updates subcontractor licensing requirements under § 22-9-204 to apply the $50,000 threshold for when subcontractors must be licensed by the Contractors Licensing Board.

Modifies financial statement submission requirements so contractors with projects under $50,000 are not required to submit financial statements.

Exempts home improvement contractors from workers' compensation requirements when project costs are below $50,000.