(a) All milk dealers shall pay for milk purchased or received from producers with final payments to be made no later than the 50th day from which the milk was received or purchased. The board may, in its sole discretion after a public hearing, shorten the time period in which final payments for milk are made. It is the specific intent of the General Assembly that final milk payments be made in as short a time period as practical from the date milk was received or purchased. Therefore, the board is empowered to hold public hearings to consider the time period for final milk payments and to shorten the time period whenever appropriate.

(b) On or before July 1 of each year, each licensee shall notify all of his producers by first class mail of the financial basis on which the producer security is based.