Each person to whom a retailer's license is about to be issued, under the provisions of this chapter, shall execute a penal bond in the form and with sureties acceptable to the local liquor control commissioner in the sum of two hundred dollars ($200.00), conditioned upon faithful performance and observance of the provisions of the laws of Illinois, and of this chapter, and further conditioned upon the prompt payment of any fine which may be levied or assessed against any licensee for the violation of any of the penal provisions of the state and this chapter, and such bond shall, upon approval, be filed in the office of the local liquor control commissioner. (1997 Code)