Subject to this section, an applicant for a license shall execute a bond that is conditioned on the faithful and honest conduct of the applicant and runs to the State for the benefit of any person injured by any wrongful act of the applicant that is willful or malicious. The applicant shall submit the bond to the Secretary with the license application. The amount of the bond required under subsection (a) of this section shall be at least $2,500. The total liability of the surety to all insured persons under the bond may not exceed the penal sum of the bond. A licensee shall keep in effect at all times a bond that meets the requirements of this section. If a licensee’s bond is canceled, forfeited, or terminated by the surety, the surety immediately shall notify the Secretary. If a surety fails to notify the Secretary as required by this subsection, the bond shall continue in effect until the notice is given to the Secretary.

The Secretary may adopt regulations requiring a private home detention monitoring agency to maintain a specific minimum amount of general liability insurance. If the Secretary adopts regulations under subsection (a) of this section, a private home detention monitoring agency shall: submit proof of the insurance to the Secretary; and notify the Secretary if the insurance is canceled, forfeited, or otherwise terminated. If the Secretary adopts regulations under subsection (a) of this section, the Secretary may not issue a license to an applicant unless the applicant submits proof of the insurance required by regulation.