(a) Each application for a charter must be accompanied by a corporate surety bond satisfactory to the commissioner and conditioned that the principal named therein shall honestly conduct the business in accordance with the pest control laws of this state and the rules and regulations promulgated under the laws of this state and shall faithfully perform any contracts for pest control work.(b) Any person having a right of action against the charter operation may bring suit against the principal and sureties of the bond.(c) The amount of the bond shall be at least ten thousand dollars ($10,000).Acts 1978, ch. 844, § 7; T.C.A., § 62-2107; Acts 2000, ch. 668, § 4.