Sec. 5. (a) The state comptroller shall notify the prosecuting attorney of the appropriate judicial circuit if:
(1) the money due the state as shown by a certificate of settlement is not paid to the state treasurer by the time required under section 3 of this chapter; and
(2) the nonpayment is caused by the failure of:
(A) the county auditor to prepare and deliver a certificate of settlement to the county treasurer;
(B) the county treasurer to make payment; or
(C) the county auditor to issue a warrant for the amount due the state.
(b) When a prosecuting attorney receives the notice required by this section, the prosecuting attorney shall initiate a suit in the name of the state against the defaulting county auditor or treasurer. The defaulting party is liable in an amount equal to one hundred fifteen percent (115%) of the amount due the state.