(a) Annual report.--A licensee shall file an annual report with the department on a date determined by the department setting forth such information as the department shall require concerning the debt management 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 any enforcement action taken against the licensee by any Federal or State agency. The report shall be filed no later than seven days after the licensee becomes aware of the enforcement action. The licensee shall provide updates to the department as to the status of any enforcement action as required by the department.

(c) Report of failure to remit payments.--In the event that a licensee believes that it may not be able to remit a consumer's payment to a creditor for any reason other than the consumer's failure to provide funds to the licensee, the licensee shall notify the department. The notification shall be filed within one business day of the licensee becoming aware of its inability to make the payment. The notification shall contain any pertinent facts, including the reason the licensee believes it may not be able to make the payment and what steps the licensee will take to resolve the situation. The licensee shall provide updates to the department as to the status of the reported matter as required by the department.

(d) Penalty for noncompliance.--A licensee who fails to file an annual report with the department as required by 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.