122.1. Where the president receives a copy of a final judgment or of an agreement or transaction referred to in paragraph a of section 120.2 and terminating a dispute, the president forwards the copy to the surety with instructions to pay it up to the amount of the security. The president is to do the same for a claim by the true owner referred to in paragraph b of section 120.2 and for the owner’s claim referred to in paragraph c of the same section.
Every 3 months, the surety must send to the president, on the form provided by the president, the list of claims from consumers received by the surety and of the claims paid by the surety.
The first paragraph applies, with the necessary modifications, to the payment of the fine and costs imposed on a permit holder or his or her representative under Chapter III of Title IV of the Act.