(a) Periodic report.--A licensee shall file a periodic report with the department on a date determined by the department setting forth information as the department shall require concerning the debt settlement services business conducted by the licensee during the preceding calendar year. The report shall be on a form provided by the department.

(b) Report of enforcement action.--A licensee shall report to the department a final, nonappealable order finding a licensee guilty or liable in any enforcement action taken against the licensee by any Federal or State agency. The report must be filed no later than seven days after the licensee is made aware of the final order. The licensee shall provide updates to the department as to the status of an enforcement action as required by the department.

(c) Penalty.--A licensee who fails to file an annual report with the department as required under subsection (a) may be subject to a penalty of $100 for each day after the date that the annual report was required to be filed.