(1) Notice of bond cancellation shall be given to the Contractors Licensing Board in writing sixty (60) days before cancellation. The board shall notify the Department of Finance and Administration, the Division of Workforce Services, and the Workers' Compensation Commission of the notice of cancellation.
(2) It shall be the responsibility of each governmental agency to make any claims against the bond in accordance with state law for collection of any taxes, premiums, contributions, penalties, interest, or fines within the statute of limitations of the appropriate state law.
(3) A contractor's license that has become invalid due to bond cancellation may be reinstated upon receipt of a proper replacement bond.