Upon ascertaining all claims and statements against a respondent licensee, the director shall pay, up to the amount specified in Section 56708, from the products fund to claimants, in accordance with the provisions of this chapter and all the following terms and conditions:
(a) The claimants shall have filed a verified complaint with the department.
(b) The amount due the claimants has been determined by an audit or investigation by the department, and the amount of the indebtedness has been fully substantiated by the claimant and verified by the director.
(c) The amount due is not disputed by the licensee and is approved by the department or, if the claim is disputed or not agreed to by the parties, the claim shall be adjudicated by an administrative hearing and a decision rendered pursuant to Section 55749 or 56447 specifying the amount due the creditors.