The Commission may require an applicant or licensee to obtain a performance bond before the Commission issues or renews a license. The performance bond shall: Be for the benefit of the State for the faithful performance of the requirements imposed by State Government Article, Title 9, Subtitle 1E, Annotated Code of Maryland, and Commission regulations; and Identify the Agency as the obligee. If a performance bond is required for a license, the Commission may not issue or renew a license unless it has: Exempted the applicant or licensee from the performance bond requirement; or Received satisfactory documentation of the performance bond. The Commission may apply a performance bond to the payment of an unpaid liability of the applicant or licensee to the Agency and the State. Performance bond amounts and exemptions are specified in regulations that pertain to a specific license.