Subject to paragraph (2) of this subsection, the Board may not issue a license to an applicant if the license has been previously denied, suspended, or revoked unless: the applicant executes a surety bond of $1,000 to the State; the Board approves the surety; and the surety bond is conditioned on the faithful observance of the laws governing alcoholic beverages in the State; or the Board: accepts $1,000 in cash; and deposits the cash and records the deposit. The Board may waive a required surety bond or cash deposit. The bond shall secure the payment of all costs, fines, and penalties imposed on the applicant on a charging document for a violation of alcoholic beverages laws in the county. The applicant shall deposit an approved bond with the Board. The Board shall record the bond in a book kept for that purpose. The record or a certified copy of the record is evidence of the bond. The Board may stop requiring a license holder to post bond if the Board finds that the license holder has complied with the terms of a bond for 1 calendar year. The Board may petition for forfeiture of the bond in circuit court if: the Board determines that the license holder has failed to observe the terms of the bond; and sufficient notice is given to the license holder. If the circuit court declares the bond forfeited, the bond shall be payable to the Board.