1. The Secretary of State shall suspend a state business license if the State Controller has informed the Secretary of State pursuant to subsection 5 of NRS 353C.1965 that the holder of the state business license owes a debt to an agency that has been assigned to the State Controller for collection and the holder has not:
(a) Satisfied the debt;
(b) Entered into an agreement for the payment of the debt pursuant to NRS 353C.130; or
(c) Demonstrated to the State Controller that the debt is not valid.
2. The Secretary of State shall reinstate a state business license that was suspended pursuant to subsection 1 if the State Controller notifies the Secretary of State in writing that the holder of the state business license has:
(a) Satisfied the debt;
(b) Entered into an agreement for the payment of the debt pursuant to NRS 353C.130; or
(c) Demonstrated to the State Controller that the debt is not valid.
3. As used in this section:
(a) “Agency” has the meaning ascribed to it in NRS 353C.020.
(b) “Debt” has the meaning ascribed to it in NRS 353C.040.