1.  The Secretary of State shall suspend a state business license if the State Controller has informed the Secretary of State pursuant to subsection 5 of NRS 353C.1965 that the holder of the state business license owes a debt to an agency that has been assigned to the State Controller for collection and the holder has not:

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(a) Satisfied the debt;

(b) Entered into an agreement for the payment of the debt pursuant to NRS 353C.130; or

(c) Demonstrated to the State Controller that the debt is not valid.

2.  The Secretary of State shall reinstate a state business license that was suspended pursuant to subsection 1 if the State Controller notifies the Secretary of State in writing that the holder of the state business license has:

(a) Satisfied the debt;

(b) Entered into an agreement for the payment of the debt pursuant to NRS 353C.130; or

(c) Demonstrated to the State Controller that the debt is not valid.

3.  As used in this section:

(a) ’Agency’ has the meaning ascribed to it in NRS 353C.020.

(b) ’Debt’ has the meaning ascribed to it in NRS 353C.040.