The contractors license board may require each licensee, applicant, individual or corporate, who is a specialty contractor to put up bond in the sum of not less than $5,000 executed by the licensee or applicant as principal and by a surety company authorized to do business in the State as surety.

The board may require each licensee, applicant, individual or corporate, who is a general contractor to put up a bond in the sum of not less than $5,000 executed by the licensee or applicant as principal and by a surety company authorized to do business in the State as surety.

The board, in exercising its discretion, shall take into consideration the licensee’s or applicant’s financial condition and experience in the field.

The bond shall be in a form as the board may prescribe, conditioned upon the payment of wages, as defined in § 104-1, to the employees of the contractor or any other person or entity entitled to wages when due, and giving employees or any other person or entity entitled to wages who have not been paid a right of action on the bond in their own names; and upon the honest conduct of the business of the licensee, and upon the right of any person injured or damaged by any wrongful act of the licensee to bring an action on the bond; provided that any claim for wages shall have priority over all other claims.