Whoever fails to make to the commission the report as provided in La. Rev. Stat. 4:68, or fails to make the remittance to the commission in the time limits set forth in La. Rev. Stat. 4:68, forfeits his license and the sum of five hundred dollars to the commission, which shall be recovered by suit filed by the commission.  The money shall be remitted to the commission.  Whoever makes a report which is unsatisfactory to the commission shall be suspended pending a hearing, at which time the commission may examine under oath its officers, and other witnesses.  Should the report prove to be false the license is ipso facto forfeited.

Acts 1974, No. 553, §1.