REIMBURSEMENT OF FUND AND PAYMENT TO COMPLAINING PARTY BY LICENSEE

(a) If the department pays a claim against a license holder or a person required to be licensed, the license holder or person required to be licensed shall: (1) reimburse the fund immediately or agree in writing to reimburse the fund on a schedule to be determined by rule of the department; and (2) immediately pay the aggrieved party any amount due that party or agree in writing to pay the aggrieved party on a schedule to be determined by rule of the department. (b) Payments made to the fund or to the aggrieved party under this section shall include interest at the rate of eight percent a year. (c) If the license holder or person required to be licensed does not reimburse the fund or pay the aggrieved party, or does not agree to do so, in accordance with this section, the department shall issue an order canceling the license and may not issue a new license to or renew the license of that person for four years from the date of cancellation. If the license holder or person required to be licensed is a corporation, an officer or director of the corporation or a person owning more than 25 percent of the stock in the corporation may not be licensed under Chapter 101 during the four-year period in which the corporation is ineligible for licensing. (d) Subsections (a) and (b) do not apply to a license holder or a person required to be licensed who is released by a final judgment of a bankruptcy court from the legal duty to satisfy the claim paid by the department. (e) The amount to be reimbursed under this section shall be one and one-half times the amount of the claim paid if the person required to reimburse the department was not licensed on the date on which the transaction forming the base of the claim occurred.