HI HB2513

Increases the minimum surety bond requirement for specialty contractors from $5,000 to $25,000 in Hawaii Revised Statutes Section 444-16.5.

Increases the minimum surety bond requirement for general contractors from $5,000 to $25,000.

Surety bonds must be executed by a surety company authorized to do business in Hawaii, with the bond conditioned on payment of wages and honest business conduct.

The contractors license board retains discretion to require bonds and shall consider the licensee's or applicant's financial condition and experience in the field.

The Act takes effect on July 1, 2020.