§ 349. Filing a bond as proof of financial responsibility. (a) A
person required to give proof of financial responsibility may file with
the commissioner a bond meeting the requirements of this section.

(b) Such bond shall be executed by the person giving such proof and by
a surety company duly authorized to transact business in this state.

(c) The commissioner shall not accept any such bond unless it is
conditioned for payments in amounts and under the same circumstances as
would be required in a motor vehicle liability policy furnished by the
person giving such proof under this article.

(d) No such bond shall be cancelled unless ten days' prior written
notice of cancellation is given the commissioner but cancellation of
such bond shall not prevent recovery thereon with respect to any right
or cause of action arising prior to the date of cancellation.

(e) If a final judgment rendered against the principal on the bond
filed with the commissioner as provided in this article shall not be
satisfied within fifteen days after its rendition, the judgment creditor
may, for his own use and benefit and at his sole expense, bring an
action on said bond in the name of the state against the company or
persons executing such bond.