00                            HOUSE BILL NO. 181                                                                          
01 "An Act relating to bond requirements for contractors."                                                                 
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 08.18.071(b) is amended to read:                                                                   
04            (b)  The amount of the bond for a                                                                            
05                 (1)  general contractor shall be $25,000;                                                               
06                 (2)  general contractor with a residential contractor endorsement under                                 
07       AS 08.18.025 who performs exclusively residential work shall be $20,000;                                          
08                 (3)  mechanical or specialty contractor or home inspector shall be                                      
09       $10,000; or                                                                                                       
10 (4)  contractor whose work on one project with an aggregate contract                                                    
11 price of $20,000 [$10,000] or less, including all labor, materials, and other items,                                
12 when the work is not part of a larger or major operation or otherwise divided into                                      
13 contracts of less than $20,000 [$10,000] to evade a higher bonding requirement, shall                               
14       be $10,000 [$5,000].