Applicability, exceptions, registered home improvement, elevation contractor, at least five years

12. a. The provisions of subsections a., b., and c. of section 7 of P.L.2023, c.237 (C.45:5AAA-7) shall not apply to an individual who, as of the effective date of P.L.2023, c.237 (C.45:5AAA-1 et al.), has been registered as a home improvement or home elevation contractor in New Jersey for at least five years. The board shall issue a license to an individual who meets the requirements of this subsection which shall take effect at the time of expiration of the contractor registration previously issued upon submission by an individual of an application in such form as may be prescribed by the board and payment of a fee established by the board. b. An individual who qualifies for licensure as a home improvement or home elevation contractor under subsection a. of this section and who can demonstrate experience overseeing the performance of services for contracts (1) valued at a minimum of $120,000 and (2) that require the submittal of plans with more than one subcode shall qualify as a principal home improvement or principal home elevation contractor. c. The provisions of subsections a., b., and c. of section 7 and the provisions of sections 20 through 23 of P.L.2023, c.237 (C.45:5AAA-18 to 45:5AAA-21) shall not apply to an individual who provides services included in the definition of "home improvement" but earns a maximum of $1,500 per contract and $25,000 on an annual basis. d. An individual covered under subsection c. of this section shall continue to be subject to the requirement to maintain annual registration pursuant to P.L.2004, c.16 (C.56:8-136 et seq.). e. An individual registered pursuant to subsection d. of this section shall be liable for penalties pursuant to subsection b. of section 8 of P.L.2023, c.237 (C.45:5AAA-8) for making false statements, including falsification of records demonstrating earnings, in connection with the process to register. f. Upon annual registration renewal, if an individual registered pursuant to subsection d. of this section has earnings that have increased above $1,500 per contract for services provided during the previous calendar year, or has earned more than $25,000 performing home improvements during the previous calendar year, the individual shall apply for a biennial license, the fee and additional requirements of which shall be determined by the board.