1. The bond must be in a form approved by the Division of Financial Institutions of the Department of Business and Industry and conditioned that the applicant conduct his or her business in accordance with the requirements of this chapter. 2. The bond must cover all matters placed with the licensee during the term of the license so applied for, or a renewal thereof. 3. No action may be brought upon any bond after the expiration of 2 years from the revocation or expiration of the license. 4. After the expiration of the period of 2 years, all liability of the surety or sureties upon the bond ceases if no action is commenced upon the bond before the expiration of the period.
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