Rules for personal sureties on bonds

If the surety or sureties on such bond shall be other than a surety company authorized to do business under the laws of this State, there shall be not more than four such sureties who shall severally justify such amounts as, taken together, will aggregate the full amount of the bond; provided that in the case of such sureties, they shall deposit with the director certified checks or certificates of deposit (payable on demand on or after such period as the director may stipulate) or bonds, stocks, or other negotiable securities, or execute and deliver to such officer a deed or deeds of trust of real property, all of such character as shall be satisfactory to the director, in security equal to the full cash value of 100 percent of the amount for which each surety shall have assumed. The director may waive the necessity of furnishing such security, in cases where the director is satisfied as to the financial responsibility of the proposed surety or sureties; provided that if there be but one personal surety, the surety shall justify the full amount of the bond. )