In his or her discretion, the Commissioner of Motor Vehicles shall require the applicant to file a bond of certificate of insurance in such amount as in his or her judgment seems adequate to cover any probable damage that may be occasioned by the use and operation of such tractor, trailer, motor truck, or other motor vehicle, executed by the applicant as principal and by a surety company authorized to transact business in this State as surety, conditional to pay all injuries or damages sustained by the State or by any municipality or person in consequence of the failure to comply with the provisions of such permit, or the excessive weight allowed by such permit, or the careless, negligent, or unlawful act of such principal or his or her agents or servants. (Amended 1969, No. 212 (Adj. Sess.), § 5, eff. March 25, 1970.)