(a) Security under this subtitle:
(1) if required by the State or a unit of the State government, shall be payable to “the State of Maryland”; or
(2) if required by any other public body, shall be payable to that public body.
(b) The form of payment security or performance security shall be approved:
(1) for the State or a unit of the State government, by the Attorney General; and
(2) for any other public body, by its attorney.
(c) The contractor shall file the security or evidence of a trust account established as security:
(1) if payable to the State under this section, in the Office of the Comptroller; or
(2) if payable to any other public body, in the appropriate office of that public body.