| If any licensee shall fail fails to make such payment as |
provided in section 1017, subsection 1, paragraph B, such |
licensee, by reason of such nonpayment shall be is in default as |
to all producers or licensees whose accounts shall then remain |
unpaid, and the bond provided for shall be is forfeited to the |
extent of all sums then due from such licensee to said those |
producers or licensees, and by nature of such default, the |
conditions of such bond shall be are deemed to be broken, and any |
such producer or licensee may bring an action on the defaulted |
bond in the name of the commissioner for the benefit of said the |
producer or licensee. A producer or a licensee bringing an |
action against the bond must provide the department with notice |
of intent to file a claim within 30 days of the payment due date.__ |
A formal verified complaint and supporting documentation must be |
filed with the department within 90 days of the payment due date. |