1. (1) Except as provided in subsection (2) of this section, this article 46 applies to:

   1. (a) A contract that:

      1. (I) Has a price of at least one hundred fifty thousand dollars; and
      2. (II) Is made between a property owner and a contractor;
   2. (b) A subcontract to a contract described in subsection (1)(a) of this section, notwithstanding that the subcontract price is less than one hundred fifty thousand dollars; and
   3. (c) A supply agreement that is made to supply materials, goods, or equipment used to perform a contract notwithstanding that the supply agreement price is less than one hundred fifty thousand dollars.

2. (2) This article 46 does not apply to:

   1. (a) A single contract that governs the building of either:

      1. (I) One single-family dwelling; or
      2. (II) One multifamily dwelling with no more than four family dwelling units; or
   2. (b) A contract with a public entity, as defined in section 24-91-102 (3).

Source: L. 2021: Entire article added, (HB 21-1167), ch. 146, p. 860, § 1, effective September 7.