AR HB1572

Replaces the fixed threshold of $20,000 with a reference to the amount stated in Arkansas Code § 22-9-203 for public building and improvement contracts across three separate statutes to establish uniform standards.

Requires contractors to furnish performance bonds equal to the contract amount for all capital improvement projects exceeding the threshold amount specified in § 22-9-203.

Mandates that bid security for state agency construction contracts must be accompanied by a cashier's check or corporate bid bond with the agent's power of attorney.

Eliminates bid security requirements for state agency construction projects under or equal to the threshold amount stated in § 22-9-203.

Designates capital improvements valued below the threshold amount in § 22-9-203 as exempt commodities and services under the Arkansas Procurement Law, subject to Building Authority Division minimum standards.