An employer who, pursuant to section 562 of the Unemployment Insurance Law, is entitled to cease to be liable for contributions upon application to the Industrial Commissioner, shall notify the Department of Labor in writing stating that he wishes to cease to be liable for contributions under the Unemployment Insurance Law, specifying that he did not pay remuneration of $300 or more in any quarter during the period specified by statute with respect to persons other than persons employed in personal or domestic service in private homes or, if the application relates to persons employed in personal or domestic service in private homes, that he did not pay remuneration in cash of $500 or more with respect to such persons during such period, and indicating the place in which his payroll records will be preserved in accordance with section 472.2 of this Title.