With the application for a new license, an applicant shall file a surety bond with the Commissioner. The bond shall run to the Commissioner, as obligee, for the benefit of: The State; and Any consumer who is injured by a violation of this subtitle or a regulation adopted under this subtitle committed by a licensee or an agent of a licensee, including an agent managing a trust account. The bond shall be: In an amount determined by the Commissioner under subsection (f) of this section; Issued by a surety company that: Is authorized to do business in the State; and Holds a certificate of authority issued by the Maryland Insurance Commissioner; and Conditioned that the licensee and its agent shall comply with all State and federal laws and regulations governing the business of providing debt management services. The liability of the surety: Shall be continuous; May not be aggregated or cumulative, whether or not the bond is renewed, continued, replaced, or modified; May not be determined by adding together the penal sum of the bond, or any part of the penal sum of the bond, in existence at any two or more points in time; Shall be considered to be one continuous obligation, regardless of increases or decreases in the penal sum of the bond; May not be affected by: The insolvency or bankruptcy of the licensee or its agent; Any misrepresentation, breach of warranty, failure to pay a premium, or any other act or omission of the licensee or its agent; or The suspension of the licensee’s license; May not require an administrative enforcement action by the Commissioner as a prerequisite to liability; and Shall continue for 3 years after the later of the date on which: The bond is canceled; or The licensee, for any reason, ceases to be licensed. A bond may be canceled by the surety or the licensee by giving notice of cancellation to the Commissioner. Notice under subparagraph (i) of this paragraph shall: Be in writing; and Be sent by certified mail, return receipt requested. A cancellation of a bond under this paragraph is not effective until 90 days after receipt of a notice of cancellation by the Commissioner. A claim against the bond may be filed with the surety by: A claimant; or The Commissioner for the benefit of a claimant or the State. If the amount of claims under a bond exceeds the amount of the bond, the surety: Shall pay the amount of the bond to the Commissioner for pro rata distribution to claimants; and Is relieved of liability under the bond. The Commissioner may allow the amount of the surety bond to be reduced if the amount of the licensee’s outstanding debt management services liabilities in the State is reduced. If the penal amount of a surety bond is reduced by payment of a claim or judgment, the licensee shall file with the Commissioner any new or additional surety bond in the amount that the Commissioner sets. The Commissioner may waive the surety bond requirement under this section if the Commissioner determines that the volume of debt management services provided by the applicant or licensee does not warrant the need for a surety bond. A penalty imposed against a licensee under § 12–928 or § 12–929 of this subtitle may be collected and paid from the proceeds of a surety bond required under this section. The amount of the surety bond under subsection (b) of this section shall be in an amount of not less than $10,000 and not more than $1,000,000, as determined by the Commissioner for each licensee. In setting the amount of the surety bond, the Commissioner may consider: The nature and volume of the business or proposed business of the licensee or applicant; The financial condition of the licensee or applicant, including: The amount, nature, quality, and liquidity of the assets of the licensee or applicant; The amount and nature of the liabilities, including contingent liabilities, of the licensee or applicant; The history of and prospects for the licensee or applicant to earn and retain income; and The potential harm to consumers if the applicant or licensee becomes financially impaired; The quality of the operations of the licensee or applicant; The quality of the management of the licensee or applicant; The nature and quality of the person that has control of the licensee or applicant; and Any other factor that the Commissioner considers relevant.