(a) A surety insurer that is removed by the District Court from the list of surety insurers eligible to post bonds with the court because that surety insurer failed to timely resolve or satisfy one or more bail bond forfeitures appearing on the District Court’s list of absolute bond forfeitures in default shall be subject to the penalties under § 4-113 of this article.

(b) A surety insurer that is precluded or removed by a circuit court from the list of surety insurers eligible to post bonds with any circuit court because that surety insurer failed to timely resolve or satisfy one or more bail bond forfeiture judgments shall be subject to the penalties under § 4-113 of this article.

(c) Within 14 days after the failure of a surety insurer to resolve or satisfy all bond forfeitures in default by the District Court’s or circuit court’s deadline, the clerk of the applicable court shall notify the Commissioner, in writing, of the name of that surety insurer and each bond forfeiture that was not resolved or satisfied by the applicable court’s deadline.