This section does not apply to: A licensed dealer who is in compliance with the surety bond requirement of Subtitle 3 of this title; or A motor club that is in compliance with the surety bond requirement of § 26–204 of the Insurance Article. After the Administration notifies an applicant of the approval of an application and before the Administration issues a license, the applicant shall file with the Administration a surety bond in the form and with the surety that the Administration approves. The amount of the surety bond shall be $50,000.