(a) The Board shall have the power and duty to:
(1) adopt an official seal;
(2) examine, issue, suspend and revoke licenses issued under this chapter;
(3) establish fees to be charged and collected;
(4) adopt, amend and repeal rules and regulations and bylaws, not inconsistent with the provisions of this chapter, upon finding that such are necessary for the furtherance of the provisions of this chapter, which rules, regulations or bylaws, when approved by the Governor, shall be deemed to be a part of and of the same effect as this chapter;
(5) employ counsel, subpoena witnesses, and administer oaths;
(6) submit to the Governor and to the Legislature, through the Commissioner, annual reports containing a summary of its work, and any other data, which the Governor, the Commissioner or the Legislature may request;
(7) develop and administer the criteria, standards and testing for examination and determining the competency and qualifications of contractors;
(8) determine the types and classes of licenses and the qualifications for each applicable license;
(9) investigate acts of negligence, wrongdoing, and official complaints filed through the Department of Licensing and Consumer Affairs; and
(10) establish and set the rate basis for contractors fees.
(11) award compensatory damages where a complainant has proved his case against a contractor.
(12) establish the amount of public liability insurance general construction contractors are required to carry.
(b) The Commissioner of the Department of Licensing and Consumer Affairs may exercise the powers granted to the Board in subsection (a), paragraph (2) whenever the Board is unable to perform.