The license applicant shall furnish a continuous surety bond executed by a surety company, licensed and qualified to do business within this state and the bond must run to the state of North Dakota in the amount of ten thousand dollars and be conditioned upon the faithful compliance by the applicant with all the statutes of this state, regulating or being applicable to a dealer in motor-powered recreational vehicles, and indemnifying any person having a motor-powered recreational vehicle transaction with the dealer from any loss of damage occasioned by the failure of the dealer to comply with any statutory requirement of the transaction. The bond must be filed with the director before the issuance of a license. The aggregate liability of the surety of all persons may not exceed the amount of the bond. Any third party sustaining injury within the terms of the bond may proceed against the principal and surety without making the state a party of any proceedings. The bond may be canceled by the surety, as to future liability, by giving written notice by certified mail, addressed to the principal at the address stated in the bond, and to the department. Thirty days after the mailing of the notice, the bond is null and void as to any subsequent liability. The surety remains liable, subject to the terms, conditions, and provisions of the bond, until the effective date of the cancellation.