An applicant who accepts an award of compensation from the Fund does so under the following conditions:
1. The State of Nevada is immediately subrogated in the amount of the award to any right of action to recover any unpaid restitution, and that right of subrogation may be diminished for attorney’s fees and other costs of litigation in obtaining such recovery; and
2. If recovery is obtained for unpaid restitution, the applicant shall promptly notify the Administrator or his or her designee and shall promptly pay to the Division for deposit in the Fund the lesser of the amount of the award made from the Fund or the amount recovered, less attorney’s fees and costs. The duty of notice and payment pursuant to this subsection continues until the amount of the award has been repaid to the State of Nevada.