(a)        Licensure Eligibility. – To be eligible to be licensed as a home inspector, an applicant must do all of the following:

(1)        Submit a completed application to the Board upon a form provided by the Board.

(2)        Pass a licensing examination prescribed by the Board.

(3)        Repealed by Session Laws 2009-509, s. 2.2, effective October 1, 2011.

(4)        Pay the applicable fees.

(5)        Meet one of the following three conditions:

a.         Have a high school diploma or its equivalent and satisfactorily complete an education program approved by the Board. The program must be completed within three years of the date the applicant submits an application for licensure under this section.

b.         Have education and experience the Board considers to be equivalent to that required by sub-subdivision a. of this subdivision.

c.         Be licensed for at least six months as a general contractor under Article 1 of Chapter 87 of the N.C. Gen. Stat., as an architect under Chapter 83A of the N.C. Gen. Stat., or as a professional engineer under Chapter 89C of the N.C. Gen. Stat.. A person qualifying under this sub-subdivision on or after October 1, 2011, must remain in good standing with the person’s respective licensing board.

(b)        License. – Upon compliance with the conditions of licensure under subsection (a) of this section, to be eligible to be licensed as a home inspector, an applicant must meet all of the insurance requirements of this subsection.

(1)        General liability insurance in the amount of two hundred fifty thousand dollars ($250,000), which insurance may be individual coverage or coverage under an employer policy, with coverage parameters established by the Board.

(2)        One of the following:

a.         Minimum net assets in an amount determined by the Board, which amount may not be less than five thousand dollars ($5,000) nor more than ten thousand dollars ($10,000).

b.         A bond in an amount determined by the Board, which amount may not be less than five thousand dollars ($5,000) nor more than ten thousand dollars ($10,000).

c.         Errors and omissions insurance in the amount of two hundred fifty thousand dollars ($250,000), which insurance may be individual coverage or coverage under an employer policy, with coverage parameters established by the Board. ?(1993 (Reg. Sess., 1994), c. 724, s. 1; 2009-509, s. 2.2.)