No person shall receive a license or exercise the office of pilot until he or she has given to the general treasurer of the State of Rhode Island a bond with two (2) sureties to be approved by the commission, or a surety bond of a surety company authorized to transact business in this state, in the sum of twenty-five thousand dollars ($25,000), conditioned upon the faithful performance of the duties of his or her office and upon compliance with the rules and regulations of the commission.