Every dance studio shall maintain a bond issued by a surety company authorized to do business in this state. The principal sum of the bond shall be twenty-five thousand dollars.
A copy of such bond shall be filed with the office of the state treasurer. If the person in whose name the bond is issued severs his relationship with the bonded dance studio, the new owner shall, as a condition of doing business, notify the office of the state treasurer of the change of ownership and of proof of compliance with R.S. 51:1564 through R.S. 51:1566.