Upon any recovery in an action on a bond required pursuant to Section 10 [58-22-10 N.M. Stat. Ann.] of the Escrow Company Act, the licensee shall file a new bond. Failure to file a new bond within ten days of the recovery on a bond or within ten days after notification by the director that a new bond is required constitutes sufficient ground for action by the director under Subsection B of Section 27 [58-22-27 N.M. Stat. Ann.] of the Escrow Company Act.