1. (a) Each person that constructs new homes for sale to the public shall maintain general liability insurance for at least $100,000.
2. (b) If a home builder's registration has been revoked and the home builder applies for a new registration, the Unit shall, in its discretion, approve the application on the applicant's fulfillment of specified terms and conditions, including the posting of a bond for the benefit of subcontractors, suppliers, and consumers, and the payment of any judgments or awards due to any subcontractors, suppliers, and consumers, for a period of 4 years from the date of the approval of registration, after which the licensing bond shall expire and shall no longer be required to be maintained by the registered home builder.

Added by Acts 2000, c. 522, § 1, eff. Jan. 1, 2001. Amended by Acts 2008, c. 480, § 1, eff. Oct. 1, 2008; Acts 2008, c. 481, § 1, eff. Oct. 1, 2008.