In lieu of furnishing the bond required by R.S. 51:1563 the dance studio may deposit with the office of the state treasurer a cash deposit in a like amount. This cash deposit may be satisfied by any of the following:
(1) Certificates of deposit payable to the office of the state treasurer issued by banks doing business in this state and insured by the Federal Deposit Insurance Corporation.
(2) Investment certificates or share accounts assigned to the office of the state treasurer and issued by a savings and loan association doing business in this state and insured by the Federal Deposit Insurance Corporation.
(3) Bearer bonds issued by the United States government or by this state.
(4) Cash deposited with the office of the state treasurer.