(1) A licensed dealer who is in compliance with the surety bond requirement of Subtitle 3 of this title; or

(2) A motor club that is in compliance with the surety bond requirement of § 26-204 of the Insurance Article.

(b) After the Administration notifies an applicant of the approval of an application and before the Administration issues a license, the applicant shall file with the Administration a surety bond in the form and with the surety that the Administration approves.

(c) The amount of the surety bond shall be $50,000.