NEWARK – The Board of Examiners of Heating, Ventilating, Air Conditioning, and Refrigeration Contractors has proposed new rules regarding ownership requirements for bona fide representatives of entities undertaking or offering to undertake heating, ventilating, air conditioning, and refrigeration.
The proposal effectuates P.L. 2018, c. 125 which requires a bona fide representative for certain entities to have: at least one percent ownership of the issued and outstanding shares of stock in a corporation; at least one percent ownership of the capital of a partnership; or at least one percent ownership of any other firm or legal entity engaged in HVACR contracting. If the entity generates more than 65 percent of its gross revenue from sources other than HVACR contracting or if the entity is a publicly-traded corporation, its bona fide representative must be: the owner of a sole proprietorship; a partner in a partnership; a manager of a limited liability company; or an executive officer of a corporation.
The proposed amendments, and information on how to submit a comment by August 16, 2019, can be viewed here.