An applicant for a license shall file with the Commissioner a bond that: (1) is approved by the Commissioner as to form and sufficiency of security; (2) is executed by the applicant and an authorized surety insurer; (3) is in the penal sum of $1,000; (4) is conditioned on the applicant faithfully performing the duties of an adviser; (5) runs to the State; and (6) specifically authorizes the State to recover the penal sum of the bond if the applicant is guilty of fraudulent or dishonest practices while acting as an adviser.
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