126.73

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126.73 Reimbursing payments.

126.73(1)

(1) Generally. Except as provided in sub. (2) or (3), the department may demand and collect from a contractor any claim amounts that the department pays under § 126.72 (1) or under § 126.72 (2) with the proceeds of contingent financial backing under § 126.06 (1) because of the contractor’s default.

126.73(2)

(2) Bond payments. A bond surety may demand and collect, from a contractor, any claim amounts that the bond surety pays to the department under § 126.72 (2) because of the contractor’s default. The bond surety shall provide the department with a copy of each demand under this subsection.

126.73(3)

(3) Trade credit insurance payments. If the department files a claim against a trade credit insurance policy under § 126.72 (2) and obtains and uses proceeds from the insurance policy to make payments authorized under § 126.72 (2), the trade credit insurer may demand and collect the amount of those payments from the defaulting contractor.