§ 17-25-304 - Financial statement. - Arkansas Statutes

17-25-304. Financial statement.

(a) (1) All persons and entities required by this chapter to be licensed by the Contractors Licensing Board shall transmit to the board with their original applications an audited financial statement of the applicant audited by a certified public accountant or registered public accountant.

(2) All persons and entities licensed by the board shall transmit to the board with renewal applications a financial statement of the applicant reviewed by a certified public accountant or registered public accountant according to American Institute of Certified Public Accountants' Professional Standards.

(b) The financial statement so furnished shall not be public information and may not be made available for inspection by any person, unless pursuant to an order of a court of competent jurisdiction. After the contractor is licensed, the board shall have the option of destroying the financial statement by the process of shredding or returning the financial statement to the contractor.