Bill requires greater transparency from builders

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The City Council passed a bill yesterday requiring small builders to disclose detailed information on their corporate owners, prove their financial solvency and take out at least $1 million in liability insurance for every job. Contractors who shirk the requirements will face suspension and fines of between $5,000 and $10,000. “The legislation will end the Wild, Wild West days where anyone can hang out a shingle, call himself a general contractor and build new homes to sell to the public without any registration,” said Councilman James Oddo, the bill’s chief sponsor. more [NYDN]