Upon the payment by the Auctioneer's Licensing Board of any amount of money under § 17-17-405:
(1) The recipients of the payment, to the extent of the payment, shall assign to the board all rights and claims that they may have against the licensee involved;
(2) The board shall be subrogated to all of the rights of the recipients of the payment to the extent of the payment; and
(3) In addition to any other disciplinary action taken against the licensee on the merits of the hearing, his or her license shall be immediately suspended until he or she has completely reimbursed the board for the payment plus interest at a rate to be determined by the board.