(1) A buyer agent's license shall not be issued by the executive director to any applicant therefor until the applicant procures and files with the executive director evidence of a savings account, deposit, or certificate of deposit meeting the requirements of section 11-35-101, or a good and sufficient bond in the amount of five thousand dollars with a corporate surety duly licensed to do business within the state and approved as to form by the attorney general. The bond shall be available to ensure that the applicant shall perform in good faith as a buyer agent without fraud or fraudulent representation and without violating any of the provisions of this part 1 that are designated by the executive director by rule.
(2) All bonds required pursuant to this section shall be renewed annually at such time as the bondholder's license is renewed. The renewal may be done through a continuation certificate issued by the surety.
(3) No corporate surety shall be required to make any payment to any person claiming under the bond until a final determination of fraud or fraudulent representation has been made by the executive director or by a court of competent jurisdiction.
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