(a) A contractor or home inspector who has filed a cash deposit and who ceases doing business as a contractor or home inspector may request the return of as much of that cash deposit as is held by the commissioner by

1. (1) filing a notarized statement with the commissioner that the contractor or home inspector has ceased doing business as a contractor or home inspector, as applicable; and

2. (2) filing a notarized statement with the commissioner at least three years after filing the statement in (1) of this subsection that

   1. (A) requests return of the cash deposit;
   2. (B) certifies that the former contractor or home inspector has not been engaged in business as a contractor or home inspector, as applicable, for at least three years; and
   3. (C) certifies that to the best of the contractor's or home inspector's knowledge no action has been commenced upon the cash deposit that has not been dismissed or reduced to a final judgment that has been satisfied.

(b) The commissioner, after paying any judgments against the cash deposit under AS 08.18.081(b), shall return the remainder of a former contractor's or former home inspector's cash deposit to the contractor or home inspector, as applicable, if

1. (1) the former contractor or former home inspector has complied with (a) of this section; and
2. (2) no action has been commenced upon the cash deposit that has not been dismissed or reduced to a final judgment that has been satisfied.