A race track licensed under section 313.580 shall post a bond payable to the state of Missouri, before the license is issued, in an amount set by the commission, with sureties to be approved by the commission. The bond shall be used to guarantee that the licensee faithfully makes the payments, keeps its books and records and makes reports, and conducts its racing activity in conformity with sections 313.500 to 313.710 and the rules adopted by the commission. The bond shall not be cancelled or assigned by a surety on less than thirty days’ notice in writing to the commission. If a bond is cancelled and the licensee fails to file a new bond with the commission in the required amount on or before the effective date of cancellation, the licensee’s license shall be revoked. The total and aggregate liability of the surety on the bond is limited to the amount specified in the bond.