Upon filing of the application and training required by § 9-5-10.1, an applicant shall submit an application fee in the amount of four hundred dollars ($400) and deposit a bond with sufficient sureties in the sum of ten thousand dollars ($10,000) for the faithful performance of the duties of his or her office conditioned to protect members of the public and persons contracting with the certified constable against any damage arising from any actionable misconduct on the part of the applicant while serving as a certified constable. The terms of the bond shall include notification by the surety issuing the bond to the department if the bond is revoked, cancelled, or otherwise not in effect. Failure to keep the bond in effect shall be grounds for revocation of the certification to act as a constable.