HI HB964

Changes contractor license board authority from discretionary ("may") to mandatory ("shall") requirement for specialty and general contractors to post surety bonds of at least $5,000.

Requires surety company leadership to have no members in common with the contractor's leadership, preventing conflicts of interest.

Expands subcontractor protections by giving them right of action on contractor bonds for unpaid goods and services, with wage claims retaining priority.

Removes the requirement that contractors wait for payment from project owners before paying subcontractors; subcontractors must now be paid within 10 days of invoice submission regardless of owner payment status.

Eliminates conditional payment language allowing contractors to defer subcontractor payments until receiving escrow or trust funds, except when explicitly disclosed in bid solicitations.