(a) Each person that constructs new homes for sale to the public shall maintain general
liability insurance for at least $100,000.
(b) If a home builder's registration has been revoked and the home builder applies
for a new registration, the Unit shall, in its discretion, approve the application
on the applicant's fulfillment of specified terms and conditions, including the posting
of a bond for the benefit of subcontractors, suppliers, and consumers, and the payment
of any judgments or awards due to any subcontractors, suppliers, and consumers, for
a period of 4 years from the date of the approval of registration, after which the
licensing bond shall expire and shall no longer be required to be maintained by the
registered home builder.
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