(1) If the commissioner determines that the amount of the existing bond or cash deposit is insufficient to ensure payment to the state of taxes, fees, penalty and interest for which the licensee is or may become liable, the licensee shall, upon written demand from the commissioner, file a new bond or increase the cash deposit. The commissioner shall allow the licensee at least fifteen (15) days to secure the increased bond or cash deposit.
(2) The new bond or cash deposit must meet the requirements set forth in this chapter.
(3) If the new bond or cash deposit required under this section is unsatisfactory, the commissioner shall cancel the licensee's certificate.