An applicant for a license shall file with the Administration, per business entity registered with the State Department of Assessments and Taxation, acceptable evidence of a surety bond in such form as the Administration shall approve and with a surety approved by the Administration in the sum set forth in Transportation Article, §15-604, Annotated Code of Maryland. A bonding company shall give the Administration at least 45 days notice by registered or certified mail of the cancellation of a title service agent's bond, and the bond shall be considered to be in full force and effect for a period of at least 45 days after notice is given.