An applicant for a license shall file with the Commissioner a bond that:
(1) is approved by the Commissioner as to form and sufficiency of security;
(2) is executed by the applicant and an authorized surety insurer;
(3) is in the penal sum of $1,000;
(4) is conditioned on the applicant faithfully performing the duties of an adviser;
(5) runs to the State; and
(6) specifically authorizes the State to recover the penal sum of the bond if the applicant is guilty of fraudulent or dishonest practices while acting as an adviser.