In 1925 the North Carolina General Assembly established the authority of the North Carolina Licensing Board for Contractors, amending Chapter 318 of the Public Laws, designed for the purpose of safeguarding life, health and property and to promote public welfare. The licensing statutes which govern the North Carolina Licensing Board for General Contractors prescribe certain standards for persons, firms and corporations who enter into contracts for construction work in this state. The practice act providing specific regulatory authority over general contractors is found under N.C. General Statute §87, Article 1. Current laws in North Carolina define general contractors as persons, firms or corporations who enter into contracts for construction projects costing $40,000 or more.