(a) Instead of the bond required by Section 2652.101, a title insurance agent or direct operation may deposit with the department:
(1) cash;
(2) irrevocable letters of credit issued by a financial institution insured by an agency of the United States; or
(3) securities approved by the department.
(b) The cash, letters of credit, or securities deposited under this section are subject to the conditions required for a bond under Section 2652.101.