1. (1) The Board may require that financial statements submitted by contractors in conjunction with an application for renewal of a license or a request for change of classification(s) or limitation(s) be examined by the Comptroller of the Treasury of his designated representative. The Board may, because of the results of an audit, changing financial conditions, or any other relevant factors:

   1. (a) Require the submission of additional financial information prior to acting on a renewal application or request for change of classification(s) or limitation(s); and (2) change the general or specialty classifications or monetary limitations of any license when in the public interest. However, before changing adversely the classification(s) and/or monetary limitation(s) of any license, the Board shall afford the licensee the opportunity for a hearing to show cause why such action should not be taken.

Authority: T.C.A. §§ 62-609, 62-612, and 62-617. Administrative History: Original rule filed July 22, 1974; effective August 21, 1974. Repeal and new rule filed January 20, 1977; effective February 19, 1977. Amendment: filed May 19, 1980, effective July 3, 1980.