(1) bond in the amount of five hundred dollars or a greater amount the applicant determines at all times equals or exceeds the net value of all open-end permits issued to the applicant by the Department of Transportation for which payment is not received at the time of issuance, payable to the department by a surety or guaranty company authorized to do business in this State and approved by the department as surety conditional upon the lawful movement of an oversize mobile home, modular home unit, or utility building over a highway in this State and the payment to the department of amounts when due for fees provided for in §§ 56-3-710 and 57-3-180 and the compliance with all of the terms, conditions, and restrictions of an oversize permit of any sort issued to the person filing bond; or

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(2) deposit of cash or acceptable negotiable securities sufficient in the opinion of the Department of Transportation to secure adequately the sum of five hundred dollars or a greater amount the applicant may determine at all times equals or exceeds the net value of all open-end permits to be issued to the applicant by the Department of Transportation for which payment is not received at the time of issuance. The deposit must be made upon the same conditions as those required to be set forth in the bond provided for in item (1).