An applicant for a license shall file with the Commissioner a bond that: is approved by the Commissioner as to form and sufficiency of security; is executed by the applicant and an authorized surety insurer; is in the penal sum of $1,000; is conditioned on the applicant faithfully performing the duties of an adviser; runs to the State; and specifically authorizes the State to recover the penal sum of the bond if the applicant is guilty of fraudulent or dishonest practices while acting as an adviser.