Louisiana Contractor License Bond for Home Service Contractor Providers

Category: Uncategorized
Published: Jul 9, 2011
HB 704: Miscellaneous Bond – Home Repair Service Contracts

This requires home service contract providers to post a financial security deposit in an amount equal to 5% of the gross consideration received on the sale of all service contracts, less any claims paid. This deposit must be not less than $25,000. Cash or a surety bond is also permitted to fulfill this requirement. In liaison with the security deposit the service contract provider may maintain a funded reserve account.

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