Sec. 4. (a) The individual elected as treasurer of state shall take office on January 1 following the individual's election.
(b) The treasurer of state and the treasurer's deputy treasurers shall each give bond in an amount determined by the state comptroller and the governor. The bond shall be conditioned on the faithful performance of the duties as treasurer of state and deputy treasurer, respectively. The bond must be procured from a surety company authorized by law to transact business in this state.