Section 284. In addition to the filing fee, each applicant for registration shall post with the board and maintain a surety bond in an amount to be determined by the board. The bond shall: (i) be in the form prescribed by the board; and (ii) accrue to the commonwealth for the benefit of a claimant against the registrant to secure the faithful performance of the registrant’s obligations pursuant to sections 276 to 289, inclusive.

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The aggregate liability of the surety shall not exceed the principal sum of the bond. A party having a claim against the registrant may bring an action directly on the surety bond or the board may bring an action on behalf of the party having a claim against the registrant. A deposit of cash or security may be accepted in lieu of a surety bond. If a claim is made on a bond, the registrant shall not have the registrant’s registration renewed until the bond is restored to the full amount required under this section.