Each applicant or registrant shall file with the commissioner a surety bond in a form acceptable to the commissioner. The surety bond shall be issued by a surety or insurance company authorized to conduct business in this state, securing the applicant's or registrant's faithful performance of all duties and obligations of a registrant. The surety bond shall:

1. (a) Be payable to the office of the state bank commissioner;
2. (b) provide that the bond may not be terminated without 30 days prior written notice to the commissioner;
3. (c) provide that the bond shall not expire for two years after the date of surrender, revocation or expiration of the applicant's or registrant's registration, whichever shall first occur;

4. (d) be available for:

   1. (1) The recovery of expenses, fines and fees levied by the commissioner under this act; and
   2. (2) payment of losses or damages which are determined by the commissioner to have been incurred by any consumer as a result of the applicant's or registrant's failure to comply with the requirements of this act; and
5. (e) the amount of the bond shall be $25,000. The amount of the bond may be increased up to $1,000,000, as further defined by rules and regulations adopted by the commissioner.

L. 2004, ch. 22, § 4; July 1.