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November 2015 Archives

California Contractor's License Bond Amount Increased Effective January 1, 2016

California Senate Bill 467 (Hill) which was signed by the Governor on October 8, 2015 amended Section 7071.6 of the Business and Professions Code effective January 1, 2016. This amendment increases the California contractor's bond requirement for the issuance, reinstatement, reactivation, renewal, or continued maintenance of a California Contractors license. As of January 1, 2016, the amount of the contractor's bond which is a required condition precedent for licensure will be increased from $12,500 to $15,000. The Contractors State License Board states that a contractor's bond or cash deposit received at CSLB after December 31, 2015 must be in the new required amount of $15,000. Any contractor's bond or cash deposit of $12,500 received after December 31, 2015 will not be processed. If you are being issued a license or your license is up for reinstatement, reactivation or renewal, you should contact your bonding agent to ensure that your bond complies with the new $15,000 requirement. This amendment does not change the aggregate liability limit of $7,500 on any claims brought against a license bond. 

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