(a) An applicant for a mortgage license shall file with the application submitted to the department under AS 06.60.020, and an applicant for registration under AS 06.60.014 shall file with the application filed under AS 06.60.014, a bond with one or more sureties. The department shall establish by regulation the amount of the required bond and the standards and procedures for recovery on the bond. The bond must be satisfactory to the department.

(b) The bond required by (a) of this section shall be for the use of the department, the Department of Law, or another person to recover for a claim for relief against the obligor under this chapter. The bond must state that the obligor will faithfully conform to and abide by the provisions of this chapter and all regulations adopted under this chapter and will pay the department, the Department of Law, or another person all money that may become due or owing to the department, the Department of Law, or the other person from the obligor under this chapter.

(c) An applicant for a mortgage license that covers more than one location or an applicant for registration that covers more than one location is not required to file more than one bond.

(d) The bond required under (a) of this section must be continuous until three years after the department revokes or otherwise terminates the license or registration.

(e) If the department determines that the bond required under (a) of this section is unsatisfactory for any reason, the department may require the mortgage licensee or the registered depository institution to file with the department, within 10 days after the receipt of a written demand from the department, an additional bond that complies with the provisions of this section.