(a) Public adjuster's bond.--Each person receiving a public adjuster's license shall, before transacting any business thereunder, execute and deliver to the Insurance Commissioner a bond in the minimum penal sum of $20,000 with such sureties as the Insurance Commissioner may approve.

(b) (Reserved).

(c) Condition of bond.--The bond of the public adjuster shall be conditioned that said public adjuster will faithfully comply with all the requirements of this act and shall not embezzle, take, secrete or otherwise dispose of or fraudulently withhold, appropriate, lend, invest or otherwise use or apply any money or substitutes for money or any salvage, goods or property received by him as such public adjuster or employee of a public adjuster, contrary to the instructions or without the consent of the assured or his legal representative. Any person, firm or corporation who has entered into a contract with a public adjuster, as provided in section 5,¹ and who shall suffer loss by reason of the failure of the public adjuster to comply with this act and faithfully perform his duties shall have the right to intervene and be made a party to any action instituted by the Commonwealth on the bond of the public adjuster and to have his, her or its rights and claims adjudicated in such action and judgment rendered thereon, subject, however, to the priority of the claim and judgment of the Commonwealth. If the amount of the liability of the surety on said bond is sufficient to pay the full amount due the Commonwealth, the remainder shall be distributed pro rata among said intervenors. If no suit should be brought by the Commonwealth of Pennsylvania, upon application therefore and furnishing affidavit to the department that loss has been suffered by reason of failure of the public adjuster to comply with this act or faithfully perform his duties, such insured shall be furnished with a certified copy of said bond, upon which he, she or it shall have a right of action, and shall be and are hereby authorized to bring suit in the name of the Commonwealth for his, her or its use and benefit against said public adjuster and his sureties and to prosecute the same to final judgment and execution. Where suit is instituted by any such insureds on the bond of the public adjuster, it shall be commenced within one year after the performance and final settlement of said contract, and not later. Where suit is so instituted by an insured or insureds, no other action shall be brought by any other claimant, but any other claimant may file his claim in the action first brought and be made party thereto within one year from the completion of the work under said contract, and not later. If two or more actions be brought on the same day, the action in which the largest claim is demanded shall be regarded as the first action. Any creditor who has brought an action within one year as aforesaid, but after suit brought by another creditor or on the same day, may intervene in the suit first brought within the year, notwithstanding the fact that the intervention in such case be after the expiration of the year, provided said intervention be made within 30 days after the expiration of the year. If the recovery on the bond should be inadequate to pay the amounts found due to all of said creditors, judgment shall be given to each creditor pro rata of the amount of the recovery. The surety on said bond may pay into the court, for distribution among said claimants and creditors, the full amount of the surety's liability, to wit, the penalty named in the bond, less any amount which said surety may have had to pay to the Commonwealth by reason of the execution of said bond, and, upon so doing, the surety will be relieved from further liability. In all suits instituted under the provisions of this act, such personal notice of the pendency of such suits, informing them of their right to intervene, as the court may order, shall be given to all known creditors and, in addition thereto, notice shall be given by publication in newspapers of general circulation, published in the county or municipality where the contract was performed, once a week for at least three successive weeks: Provided, however, That, when such suit has begun within three weeks of the end of the year within which suit may be brought, said notice by publication shall be only for the period intervening between the time of instituting such suit and the end of the year.