HI HB964

Changes the contractors license board's authority from discretionary ("may") to mandatory ("shall") to require specialty and general contractors to obtain surety bonds of at least $5,000.

Requires that surety company leadership have no members in common with the contractor's leadership to ensure independence of the bonding entity.

Expands the scope of surety bond protections to include payment obligations for goods and services to subcontractors, giving subcontractors a right of action on the bond.

Removes the requirement that contractors wait to receive payment from the project owner before paying subcontractors, instead requiring payment within ten days of receiving a complete invoice from the subcontractor.

Clarifies that interest accrual on unpaid subcontractor invoices begins ten days after invoice receipt, with exceptions only for bona fide payment disputes.