When can a contractor withdraw from a cash bond after license cancellation?

A contractor can withdraw from a cash bond after their license has been canceled in Arizona after a period of 2 years. This time frame is established under Arizona law which stipulates that a contractor must wait for a specific duration following license cancellation to ensure all potential claims against the bond can be resolved. The 2-year period allows for any outstanding liabilities associated with the contractor's work to be settled, providing a safeguard for consumers and ensuring that the contractor has fulfilled all necessary obligations before the bond can be released.

Other durations, such as 40 days, 1 year, or 5 years, do not align with the statutory requirement, as they do not provide the legislative intent to balance contractor withdrawal with consumer protection adequately. The provision of a 2-year waiting period reflects a reasonable approach to guarantee that the interests of all parties, including those affected by the contractor's previous work, are taken into account.