SB186
To Amend The Law Concerning Financial Statements Required To Be Submitted By A Licensee Of The Contractors Licensing Board.
Last Action (March 4, 2025): Notification that SB186 is now Act 235
Sponsors
AI-Generated Summary
Senate Bill 186 amends Arkansas Code § 17-25-304(a) regarding the financial statement requirements for licensees of the Contractors Licensing Board. Currently, contractors must provide a reviewed financial statement for original and renewal applications. However, if the cost of a commercial project is under $750,000, they may submit a compiled financial statement instead. This bill increases the project cost threshold for submitting a compiled financial statement from $750,000 to $1,500,000. This change allows contractors working on commercial projects up to $1.5 million to meet licensing requirements through a compiled financial statement rather than a reviewed one.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are small to mid-sized commercial contractors. By increasing the financial threshold to $1,500,000, these contractors will be able to submit compiled financial statements rather than the more rigorous and costly reviewed financial statements when applying for or renewing their licenses, thereby reducing their administrative and accounting expenses.
Who Might Suffer?
The primary group potentially negatively impacted would be consumers and stakeholders who rely on the Contractors Licensing Board to ensure that contractors have a high level of verifiable financial stability. By allowing a transition to compiled financial statements for larger commercial projects—which offer a lower level of assurance from an accountant than reviewed statements—the level of transparency regarding a contractor's financial health may be perceived as decreased.
Vote Records
Third Reading
March 3, 2025View individual votes (100)
| Legislator | Party | Chamber | Vote |
|---|---|---|---|
| Tracy Steele | Democrat | House | Yea |
| Fred Allen | Democrat | House | NV |
| Lane Jean | Republican | House | Yea |
| Stephen Meeks | Republican | House | Yea |
| Mark Perry | Democrat | House | NV |
| Jon Eubanks | Republican | House | NV |
| Matthew Shepherd | Republican | House | Yea |
| Jeff Wardlaw | Republican | House | NV |
| Bruce Cozart | Republican | House | NV |
| David Whitaker | Democrat | House | Yea |
| Mike Holcomb | Republican | House | NV |
| Stephen Magie | Democrat | House | Yea |
| Mark McElroy | Republican | House | Yea |
| Richard Womack | Republican | House | Yea |
| Jack Ladyman | Republican | House | NV |
| Robin Lundstrum | Republican | House | Yea |
| Dwight Tosh | Republican | House | NV |
| Rick Beck | Republican | House | Yea |
| Mary Bentley | Republican | House | Yea |
| Les Eaves | Republican | House | NV |
| Justin Gonzales | Republican | House | Yea |
| Julie Mayberry | Republican | House | Yea |
| Ken Ferguson | Democrat | House | Yea |
| Ron Mcnair | Republican | House | NV |
| Marcus Richmond | Republican | House | Yea |
| Deann Vaught | Republican | House | NV |
| Karilyn Brown | Republican | House | Yea |
| Sonia Eubanks Barker | Republican | House | Yea |
| Frances Cavenaugh | Republican | House | Yea |
| Jimmie Gazaway | Republican | House | Yea |
| Roger Lynch | Republican | House | Yea |
| John Maddox | Republican | House | Yea |
| Aaron Pilkington | Republican | House | Yea |
| Johnny Rye | Republican | House | Yea |
| Les Warren | Republican | House | Yea |
| Carlton Wing | Republican | House | Yea |
| Austin Mccollum | Republican | House | Yea |
| Carol Dalby | Republican | House | Yea |
| Steve Hollowell | Republican | House | Yea |
| Brian Evans | Republican | House | Yea |
| Lee Johnson | Republican | House | NV |
| Andrew Collins | Democrat | House | Yea |
| Stan Berry | Republican | House | Yea |
| Harlan Breaux | Republican | House | Yea |
| Cameron Cooper | Republican | House | NV |
| Nicole Clowney | Democrat | House | Yea |
| Cindy Crawford | Republican | House | Yea |
| Denise Garner | Democrat | House | Yea |
| Tippi McCullough | Democrat | House | Yea |
| Jay Richardson | Democrat | House | NV |
| Jim Wooten | Republican | House | Yea |
| Denise Ennett | Democrat | House | Yea |
| Richard McGrew | Republican | House | Yea |
| Joy Springer | Democrat | House | Yea |
| Howard Beaty | Republican | House | Yea |
| Tony Furman | Republican | House | Yea |
| Kendon Underwood | Republican | House | Yea |
| David Ray | Republican | House | Yea |
| John Carr | Republican | House | Yea |
| Rick McClure | Republican | House | Yea |
| Keith Brooks | Republican | House | NV |
| Ashley Hudson | Democrat | House | Yea |
| Jon Milligan | Republican | House | Yea |
| RJ Hawk | Republican | House | NV |
| Wade Andrews | Republican | House | Yea |
| Rebecca Burkes | Republican | House | Yea |
| Hope Duke | Republican | House | Yea |
| Zack Gramlich | Republican | House | Yea |
| Mindy McAlindon | Republican | House | Yea |
| Matt Duffield | Republican | House | NV |
| Stetson Painter | Republican | House | NV |
| Steve Unger | Republican | House | NV |
| Wayne Long | Republican | House | Yea |
| Scott Richardson | Republican | House | Yea |
| Brandon Achor | Republican | House | NV |
| Jeremiah Moore | Republican | House | NV |
| Joey Carr | Republican | House | Yea |
| Matt Brown | Republican | House | Yea |
| Shad Pearce | Republican | House | NV |
| Chad Puryear | Republican | House | Yea |
| Ryan Rose | Republican | House | Yea |
| Bart Schulz | Republican | House | Yea |
| Trey Steimel | Republican | House | Yea |
| Tara Shephard | Democrat | House | Yea |
| Jeremy Wooldridge | Republican | House | Yea |
| Kendra Moore | Republican | House | Yea |
| Brit McKenzie | Republican | House | Yea |
| Steven Walker | Republican | House | Yea |
| Glenn Barnes | Democrat | House | Yea |
| Lincoln Barnett | Democrat | House | Yea |
| Alyssa Brown | Republican | House | Yea |
| Nick Burkes | Republican | House | Yea |
| Paul Childress | Republican | House | Yea |
| James Eaton | Republican | House | NV |
| Brad Hall | Republican | House | NV |
| Dolly Henley | Republican | House | Yea |
| Jessie McGruder | Democrat | House | NV |
| Jason Nazarenko | Republican | House | NV |
| Randy Torres | Republican | House | Yea |
| Diana Gonzales Worthen | Democrat | House | Yea |
Third Reading
Feb. 17, 2025View individual votes (35)
| Legislator | Party | Chamber | Vote |
|---|---|---|---|
| Jane English | Republican | Senate | Yea |
| Jonathan Dismang | Republican | Senate | Yea |
| Greg Leding | Democrat | Senate | Yea |
| Missy Irvin | Republican | Senate | Yea |
| Bryan King | Republican | Senate | Absent |
| Kim Hammer | Republican | Senate | Yea |
| Stephanie Flowers | Democrat | Senate | NV |
| Frederick Love | Democrat | Senate | Yea |
| Terry Rice | Republican | Senate | Yea |
| Reginald Murdock | Democrat | Senate | Yea |
| Gary Stubblefield | Republican | Senate | Yea |
| Jim Dotson | Republican | Senate | Yea |
| John Payton | Republican | Senate | Yea |
| Alan Clark | Republican | Senate | Yea |
| Ronald Caldwell | Republican | Senate | Yea |
| Bart Hester | Republican | Senate | Yea |
| Jimmy Hickey | Republican | Senate | Yea |
| Dan Sullivan | Republican | Senate | Yea |
| David Wallace | Republican | Senate | Yea |
| Blake Johnson | Republican | Senate | Yea |
| Justin Boyd | Republican | Senate | Yea |
| Clarke Tucker | Democrat | Senate | Yea |
| Scott Flippo | Republican | Senate | Yea |
| Clint Penzo | Republican | Senate | Yea |
| Mark Johnson | Republican | Senate | Yea |
| Ricky Hill | Republican | Senate | Yea |
| Jamie Scott | Democrat | Senate | Yea |
| Breanne Davis | Republican | Senate | Yea |
| Ben Gilmore | Republican | Senate | Yea |
| Joshua Bryant | Republican | Senate | Yea |
| Matt McKee | Republican | Senate | Yea |
| Jim Petty | Republican | Senate | Yea |
| Steve Crowell | Republican | Senate | Yea |
| Tyler Dees | Republican | Senate | Yea |
| Matt Stone | Republican | Senate | Yea |
Get Notified
Receive an email when this bill's status changes.