The securities commissioner, by rule or order, may require registered broker-dealers, agents, and investment advisers who have custody of or discretionary authority over client funds or securities, to post surety bonds in amounts as the securities commissioner may, by rule or otherwise, prescribe, and may determine their conditions, subject to the limitations of Section 15 of the Securities Exchange Act of 1934 for broker-dealers and Section 222 of the Investment Advisers Act of 1940 for investment advisers. The bond may be so drawn as to cover the original registration and any renewal of the registration. Any appropriate deposit of cash or securities shall be accepted in lieu of any bond so required. No bond may be required of any registrant whose net capital, or, in the case of an investment adviser, whose minimum financial requirements, which may be defined by rule, exceeds the amounts required by the securities commissioner. Every bond shall provide for suit thereon by any person who has a cause of action under Section 35-1-1210 and, if the securities commissioner by rule or order requires, by any person who has a cause of action not arising under this act. Every bond must provide that no suit may be maintained to enforce any liability on the bond unless brought within three years after the sale or other act upon which the suit is based.