HB 88 - AS INTRODUCED
2003 SESSION
05/10
HOUSE BILL HB 88
COMMITTEE: Executive Departments and Administration
This bill requires certain building contractors to be bonded.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-0231
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT relative to bond requirements for building contractors.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Chapter; Occupations and Professions; Building Contractors; Performance Bond Required. Amend RSA by inserting after chapter 310-B the following new chapter:
CHAPTER 310-C
310-C:1 Performance Bond Required. A building contractor who receives a cash down payment of $10,000 or more under a building contract shall file a performance bond with the secretary of state. The amount of the performance bond shall be equal to the amount of the down payment and shall identify the party with whom the contractor has the agreement. If the building contractor fails to provide the agreed upon goods or services, as determined by a court of competent jurisdiction, the bond shall be forfeited, and the proceeds distributed in such manner as justice and the circumstances require.
2 Effective Date. This act shall take effect 60 days after its passage.