(a) The Committee may periodically set the type and amount of the bonds of each State officer and employee who is required to be bonded in accordance with any law of the State, having due regard for the duties and responsibilities of the officer or employee.

(b) An officer or employee who is required to be bonded shall be covered, on entering the performance of the officer’s or employee’s duties, by a surety bond of the type specified and in the amount and term fixed by the Committee.