(a) No license shall be issued to any person and no licensee shall traffic in alcoholic beverages unless there is in effect and on file with the authority a surety company bond as required by this Part.

(b) Where payment of the full amount of a surety company bond has been directed or claimed by the authority in disciplinary proceedings, the licensee shall file a new bond. Where payment of a part of the bond has been directed or claimed by the authority in disciplinary proceedings, the licensee shall file with the authority a rider of the surety company certifying that the full amount of the bond has been restored and is effective. Such new bond or rider shall be filed within 10 days from the date of the authority's order. Failure of the licensee to comply shall constitute good and sufficient cause for the revocation, cancellation, suspension, recall or nonrenewal of the license. The requirements of this subdivision shall not apply when the license period during which the surety bond was effective has expired.