Any agent, who has been appointed in the previous year to sell licenses and permits, is not required to furnish a bond or other security but shall pay the department an annual fee of twenty-five dollars. Any agent, who was not appointed in the previous year to sell the licenses and permits, shall be bonded or shall furnish security equal to the total value of the licenses issued to the agent at any one time. A certificate of deposit, money order, or other negotiable instrument issued by a bank, savings and loan association, or a credit union bearing the agent's social security number or employer identification number payable to the department is sufficient security. If an agent fails to timely pay the amount owed to the department, the department may cash the certificate and satisfy the amount owed to the department and remit the balance to the agent. If the agent has paid all the fees owed and requests a return of the certificate of deposit, money order, or other negotiable instrument, the department shall endorse it payable to the agent and return it to the agent. No agent who defaults on payment of the amount owed to the department may be appointed an agent until the unpaid amount, plus interest at the Category B rate of interest as defined in § 54-3-16, is paid.