(a) Applications for licensure shall be made on forms prescribed by the Residential Contractors Committee and shall have attached thereto:
(1)
(A) Except as provided in subdivision (a)(1)(B) of this section, a compiled financial statement with each application for all persons and entities required by this subchapter to be licensed by the committee when the cost of the work done or to be done in the State of Arkansas by the contractor, including without limitation labor and materials, is fifty thousand dollars ($50,000) or more.
(B) A person or entity required to be licensed under this subchapter when the cost of the work done or to be done in the State of Arkansas by the contractor, including without limitation labor and materials, is less than fifty thousand dollars ($50,000) shall not be required to submit a financial statement; and
(2) Such other information as required by the committee.
(b)
(1) The financial statement required with each application is not public information and may not be made available for inspection by any person, unless by an order of a court of competent jurisdiction.
(2) After the contractor is licensed, the Contractors Licensing Board shall destroy the financial statement by the process of shredding or returning the financial statement to the contractor.
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