1. A financial statement on a form prescribed by the Board, subject to additional verification if the Board determines
that sufficient questions or ambiguities exist in the applicant's presentation of financial information; or
2. A balance sheet reviewed by a certified public accountant licensed in accordance with § 54.1-4409.1.
C. In lieu of compliance with subsection B, an applicant may demonstrate financial responsibility by electing to obtain
and maintain a bond in the amount of $50,000. Proof of current bond shall come from a corporate surety licensed to
do business in the Commonwealth and approved by the Attorney General and shall be filed with the Department.
D. In addition, if the applicant is a sole proprietor, he shall furnish to the Board his name and address. If the applicant
is a member of a partnership, he shall furnish to the Board the names and addresses of all of the general partners of
that partnership. If the applicant is a member of an association, he shall furnish to the Board the names and
addresses of all of the members of the association. If the applicant is a corporation, it shall furnish to the Board the
name and address of all officers of the corporation. If the applicant is a joint venture, it shall furnish to the Board the
names and addresses of (i) each member of the joint venture and (ii) any sole proprietor, general partner of any
partnership, member of any association, or officer of any corporation who is a member of the joint venture. The
applicant shall thereafter keep the Board advised of any changes in the above information.
E. If the application is satisfactory to the Board, the proposed designated employee shall be required by Board
regulations to take an oral or written examination to determine his general knowledge of contracting, including the
statutory and regulatory requirements governing contractors in the Commonwealth. If the proposed designated
employee successfully completes the examination and the applicant meets or exceeds the other entry criteria
established by Board regulations, a Class B contractor license shall be issued to the applicant. The license shall
permit the applicant to engage in contracting only so long as the designated employee is in the full-time employment
of the contractor and only in the counties, cities, and towns where such person has complied with all local licensing
requirements and for the type of work to be performed. No examination shall be required where the licensed Class B
contractor changes his form of business entity provided he is in good standing with the Board. In the event the
designated employee leaves the full-time employ of the licensed contractor, no additional examination shall be
required of such designated employee, except in accordance with § 54.1-1110.1, and the contractor shall within 90
days of that departure provide to the Board the name of the new designated employee.
F. The Board may grant a Class B license in any of the following classifications: (i) residential building contractor, (ii)
commercial building contractor, (iii) highway/heavy contractor, (iv) electrical contractor, (v) plumbing contractor, (vi)
HVAC contractor, (vii) fire sprinkler contractor, and (viii) specialty contractor.
§ 54.1-1108.1. Waiver of examination; designated employee; Board regulations.
A. Any Class A contractor licensed in the Commonwealth of Virginia prior to January 1, 1991, and in business on
December 31, 1990, shall provide to the Board in writing the name of one full-time employee or member of the
contractor's responsible management who is at least 18 years of age and that employee shall be deemed to have
fulfilled the requirement for examination in § 54.1-1106, so long as he remains a full-time employee of the contractor
or remains a member of the contractor's responsible management. The designated employee shall not be required to
take an examination if the Class A contractor changes his form of business entity and is in good standing with the
Board. Upon his leaving the employ of the contractor or his leaving as a member of the contractor's responsible
management, the contractor shall name another full-time employee or member of the contractor's responsible
management in accordance with § 54.1-1106.
Any Class B contractor registered in the Commonwealth prior to January 1, 1991, and in business on December 31,
1990, shall, within its current period of registration, provide on a form prescribed by the Board satisfactory information
on the financial position, and knowledge, skills and abilities of the registered firm; and the name of a full-time