§ 284

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.\nThe 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.