Who is a principal of a home builder?
All builders will have at least one principal. Under the Home Builder Registration Act, "principal" means:
(a) a sole proprietor, officer, director, general partner, or limited liability company manager of the applicant;
(b) a person with at least 10 percent ownership in either the applicant or a subsidiary of the applicant; or
(c) parents, spouses, and children with a combined 10 percent ownership in the applicant or a subsidiary of the applicant.