Any person who enters into a contracting business of general home repairs and maintenance after April 8, 1986, if such person is an unlicensed contractor by the state of Tennessee, shall, for a period of not less than two (2) years, be required to post a cash bond in an amount sufficient to cover the cost of all services, labor, and materials used by such contractor or any immediate or remote subcontractor under such person for all such permits. The bond so given shall be filed with the appropriate governmental office issuing such permit and shall remain filed with such office until a copy is submitted to such office on the form required by §66-11-205, notifying the owner that no claims have been made to the contractor by, nor is any suit pending on behalf of, any contractors, subcontractors, laborers or materialmen, and that no chattel mortgages or conditional bills of sale have been given or are now outstanding as to any materials, appliances, fixtures or furnishings placed upon or installed in the premises for which such permit was issued. The governing body may extend this period based on the number of outstanding complaints or judgments obtained against such contractor for breach of contract or failing to comply with applicable laws and regulations.