(A) Any person licensed under the provisions of this chapter and any person claiming an interest in the fund shall submit to the decision of a Board of Arbitrators, which shall in every respect be final and binding. The Board of Arbitrators must be composed of three arbitrators, one chosen by the applicant, one chosen by the licensee and the commission or its designee. If the licensee fails to nominate an arbitrator within five days of request or does not respond to the claim, the commission shall nominate the third arbitrator. The decision of the majority shall rule. All arbitrations must be held at the office of the commission at such time as it shall prescribe and according to such rules of procedure as it shall prescribe.
(B) Upon payment of any claim, the license of the offending licensee is automatically revoked. The licensee shall not be qualified for relicensing until all amounts paid on his account are repaid in full to the Recovery Fund, together with interest at the rate of eight percent per annum. Nothing in this section shall prevent the commission or any other authority from pursuing any other remedy at law or equity.
(C) Any applicant receiving an award from the fund shall subrogate all rights relative to such claim unto the commission to the full extent of all amounts so paid, including interest, and shall cooperate with the commission in the prosecution of the subrogated claim. Any amounts so recovered against the licensee or other responsible parties must be deposited into the fund, less the costs and expenses of collection.