If a license that has a cash bond is cancelled, when may the licensee withdraw any remaining balance?

When a license that holds a cash bond is canceled, the licensee is allowed to withdraw any remaining balance after a waiting period. In Arizona, this period is specifically set at 2 years. This time frame is established to ensure that any potential claims or liabilities that could arise against the bond are addressed before the remaining funds are released to the licensee.

The requirement for a 2-year waiting period helps protect consumers by ensuring that any claims related to the work done under the license can be resolved before the funds are returned. This guideline is in place to maintain accountability and uphold standards within the contracting industry. Therefore, upon cancellation of a license that has a cash bond, the licensee must adhere to this 2-year period before accessing the remaining funds.