Contractors’ License Renewals: Change in Tennessee Requirements

Effective April 9, 2024, the State of Tennessee has updated the financial statement requirements for certain contractors’ license renewals. Tennessee Code Section 62-6-116, subsection d addresses the renewal process for applications with a bid limit of over $1.5 million. Previously, contractors falling under these requirements had to provide audited or reviewed financial statements along with their application. House Bill No. 1903 has amended this subsection to only require financial statements compiled by a licensed or certified public accountant. Compilations provide no assurance or opinion on the financial statements.

For contractors with bid limits of $1.5 million or less, notarized internal financial statements will still be accepted in most cases. However, the board does reserve the right to require reviewed or audited financial statements from any applicant if they deem it necessary and in the best interest of public safety and welfare.

Contact us for more information on what requirements may apply to your business and how we can help with contactor license renewals.