An applicant for a transient vendor license shall execute and file a bond with the governing body of the county in the amount of $10,000. The bond shall be issued by a surety: authorized to do business in the State; and approved by the governing body. The bond shall be payable to the extent of any taxes, fees, or fines. The surety shall indemnify a purchaser who suffers a loss because of defective goods or misrepresentation. The bond shall provide that the governing body of a county may file suit against the licensee or the surety for taxes, fees, or fines due from the licensee that are not paid within 30 days after the termination of: a sale authorized under this part; or the transient vendor license. The bond shall provide that a purchaser at a sale may maintain an action for claims arising from the sale against a licensee or the surety. The bond shall continue in effect for at least 1 year after the termination of the transient vendor license expires and until: all actions are concluded and judgments have been satisfied; or the amount of the bond has been exhausted by payments on judgments. The bond shall be in addition to any deposit, license fee, permit fee, or other requirement under county law.