The director shall post bond to the state in the sum of $200,000.00, with a bonding company duly licensed to do business in the state and approved by the Governor, the annual premium of the bond to be paid from funds appropriated to the Office of Treasury and Fiscal Services. The bond shall be conditioned as follows:

(1) That the director faithfully discharge, execute, and perform all and singular the duties required of him or her by virtue of the office and the Constitution and laws of this state;

(2) That the director faithfully account for and pay over all state moneys received by him or her from time to time by virtue of the office; and

(3) That the director safely deliver to his or her successor all records, moneys, vouchers, accounts, and effects whatsoever belonging to the office.