1. In lieu of any surety bond, or any portion of the principal sum thereof as required by this chapter, a licensee may deposit with the State Treasurer or with any bank, credit union or trust company authorized to do business in this state as the licensee may select, with the approval of the Commissioner: (a) Interest-bearing stocks; (b) Bills, bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States; or (c) Any obligation of this state or any city, county, town, township, school district or other instrumentality of this state or guaranteed by this state, in an aggregate amount of, based upon principal amount or market value, whichever is lower, of not less than the amount of the required surety bond or portion thereof. 2. The securities must be held to secure the same obligation as would the surety bond, but the depositor may receive any interest or dividends and, with the approval of the Commissioner, substitute other suitable securities for those deposited.
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