Bill > SB327

This bill revises the bond requirements for licensed contractors and contractor license applicants in Nevada. Previously, bonds were required to be provided by a surety with long-term debt obligations rated "A" or better by a nationally recognized rating agency. The bill changes this requirement, now mandating that bonds must be provided by companies listed in the United States Department of the Treasury Circular No. 570, which is a specific publication that identifies certificate-holding companies authorized to issue federal surety bonds. This change applies to various types of contractor bonds, including those for general contractor licenses and specialized bonds for contractors working on residential pools, spas, and photovoltaic systems. The bill maintains existing provisions about bond amounts, which can range from $1,000 to $500,000 depending on the contractor's financial responsibility and operational scale. The modification aims to provide more specific and standardized criteria for determining the financial reliability of bond providers, potentially offering clearer guidelines for contractors seeking licensing or renewal in Nevada.

Business and Industry

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12572/Overview