(1) The continuous surety bond or savings account amounts for applicants of contractors with no final judgments involving a residential single-family dwelling in the previous five years are as follows:
(a) $30,000 for general contractors.
(b) $15,000 for specialty contractors.
(2) The surety bond or savings account amounts for applicants of contractors with one final judgment involving a residential single-family dwelling in the previous five years may be increased based upon (a) and (b) of this subsection.
(a) General contractors.
Number of Final Judgments | Bond or Savings Account Amount per Registration Cycle |
1 | $40,000.00 | |
2 | $60,000.00 | |
3 or more | $90,000.00 | |
(b) Specialty contractors.
Number of Final Judgments | Bond or Savings Account Amount per Registration Cycle |
1 | $20,000.00 | |
2 | $30,000.00 | |
3 or more | $45,000.00 | |
(3) At the time of reregistration, renewal or reinstatement the department shall only consider final judgments from the previous five years which will be used to determine the bond or savings account amount according to subsection (2)(a) and (b) of this section.
(4) A contractor's required bond or savings account amount may only be reviewed for reduction to a lower level at their next regular renewal. The increased bond requirement must remain in effect during the entire registration cycle even if reinstatement or reregistration occurs.
(5) For purposes of this section, final judgment does not include infractions.
[Statutory Authority: 2023 c 213, 2019 c 155, and chapter
18.27 RCW. WSR 24-10-086, § 296-200A-030, filed 4/30/24, effective 7/1/24. Statutory Authority: Chapter
18.27 RCW and 2007 c 436. WSR 08-16-091, § 296-200A-030, filed 8/4/08, effective 9/4/08. Statutory Authority: RCW
18.27.040,
18.27.070,
18.27.075,
18.27.125, 2001 c 159, and chapter
18.27 RCW. WSR 03-20-097, § 296-200A-030, filed 9/30/03, effective 11/17/03.]