1. The licensee may request a bond reduction based upon the licensee's conversion policy.
a. The required bond is reduced by thirty percent for a licensee that establishes and follows a conversion policy approved by the commissioner of ten days or fewer.
b. The required bond is reduced by fifteen percent for a licensee that establishes and follows a conversion policy approved by the commissioner of eleven to twenty-one days.
2. A reduction under this section may not be used to reduce the required bond below the minimum bond set in law.