The Department, as a condition to the issuance of a special medical waste hauler certificate, shall require a person to secure a bond of not less than $10,000 for the purpose of indemnifying the State for abatement of pollution from the improper transportation or spill of special medical waste. Execution of Bond. The bond shall be executed by the permittee and corporate surety licensed to do business in the State. Instead of a corporate surety, either of the following shall be acceptable: Deposits of cash or negotiable bonds of the United States Government. The cash deposit or market value of the securities shall be equal at least to the required sum of the bond. The Department, on receipt of any deposit of cash or securities, immediately shall forward it to the State Treasurer, who shall receive and hold the bond in the name of the State, in trust, for the purposes for which the deposit is made. The State Treasurer at all times is responsible for the custody and safekeeping of these deposits. The person making the deposit may demand and receive from the State Treasurer the whole or any portion of any securities so deposited, on depositing with the State Treasurer other negotiable securities of the classes specified in this section having a market value at least equal to the sum of the bond. A certificate of deposit, if it is equivalent to the required bond, issued by a bank within the State, and accompanied by written agreement of the bank to pay on demand to the State upon a finding of forfeit by the Secretary. Upon expiration of the time limitations specified in the certification, the Department shall release the bond, provided that all provisions of the certificate and Environment Article, §§7-210—7-268, inclusive, have been satisfactorily met. Failure to fully comply with the provisions set forth above, or revocation of the certificate, shall constitute grounds for the Department to initiate forfeiture proceedings. Forfeiture Proceedings. The Department shall notify the permittee by registered mail of its intent to initiate forfeiture proceedings. The permittee has 30 days to show cause why the bond or cash deposit should not be forfeited.