(1) The executive director shall prepare and deliver to each county clerk or other agent authorized to issue and sell licenses, tags, registrations and other privileges as described in § 70-2-106, as many blank forms as may be required.
(2) Each county clerk or authorized agent shall maintain all funds collected on behalf of the agency in a checking account available for electronic transfer within twenty-four (24) hours.
(3) Any agent failing to make the required remittance available as required in this section shall be deemed delinquent and shall pay a penalty of five percent (5%) on all funds that were owed and that were not remitted or paid over within the time prescribed by this section. In addition, such agent, in the discretion of the executive director, may forfeit the privilege to sell any future licenses, tags, registrations and other privileges as described in § 70-2-106.