(a) General rule.--No license, including a special license, or registration shall be granted or issued to any person under this act until the applicant has filed with the board an approved bond payable to the Commonwealth in the amount of $5,000. The bond shall be executed by a surety company authorized by the laws of this Commonwealth to transact business in this Commonwealth, and no licensee or registrant shall engage in the businesses regulated under this act without an active bond. The bond shall be for the use of the Commonwealth and for any person or persons who may have a cause of action against a licensee or registrant under this act.

(b) Conditions of bond.--The condition of the bond shall be that the licensee, including a special licensee or registrant, will comply with and abide by the provisions of this act and will pay to the Commonwealth, the board or any person or persons any and all money that may come due to the Commonwealth, the board or the person or persons from a licensee or registrant under and by virtue of this act.

(c) Action on bond.--If any person is aggrieved by the misconduct of any licensee, including a special licensee or registrant and recovers judgment against the licensee or registrant therefor, the person may on any execution issued under the judgment maintain an action upon the bond of the licensee or registrant in any court having jurisdiction of the amount claimed.