On residential homestead Projects wherein the work is performed under a written Contract in an amount over $5,000.00, the Builder/Contractor is required to maintain a construction account and deposit the Project funds into that account.  The periodic statements from the bank must specifically identify the account as a “construction account”.  A Builder/Contractor who is required to maintain a construction account shall maintain records for the account that provides information relating to: (1) the source and amount of the funds in the account and the date the funds were deposited; (2) the date and amount of each disbursement from the account and the person to whom the funds were disbursed; and (3) the current balance of the account.  The Builder/Contractor shall maintain an account record for each Project that specifies the direct and indirect costs charged to the Homeowners.  The Builder/Contractor is required to retain all invoices and other supporting documentation received relating to the funds disbursed from the construction account.  The Contractor shall ensure that all deposit and disbursement documentation includes the construction account number or information that provides a direct connection between the documentation and the account.  The Contractor must maintain and not destroy the above information for one year from completion of the Project.  Failure to maintain a construction account is a misdemeanor.