(1) A person may maintain an action against a dealer, crusher, or body shop on the corporate surety bond if:
(a) the person suffers a loss or damage because of:
(i) fraud;
(ii) fraudulent representation; or
(iii) a violation of Section 41-3-210; and
(b) the loss or damage results from the action of:
(i) a licensed dealer;
(ii) a licensed dealer's salesperson acting on behalf of the dealer or within the scope of the salesperson's employment;
(iii) a licensed crusher; or
(iv) a body shop.
(2) Successive recovery against a surety on a bond is permitted, but the total aggregate liability on the bond to all persons making claims, regardless of the number of claimants or the number of years a bond remains in force, may not exceed the amount of the bond.
(3) A cause of action may not be maintained against any surety under any bond required under this chapter except as provided in Section 41-3-205.