Sewer Rat, I really don't know about the legalities of bonding, if you are a member why not drop the <A HREF="http://www.lae.mcmail.com.com" TARGET="_blank">ALAE</A> a line.
Things to consider if you refuse,
Are you paid per approval?
Is somebody else waiting in the wings who would sign and do the course?
Will it do your prospects/career any good by refusing to do it?
I have been bonded at 3 different companies, least was 1 year most was 3. I only left one with a bond outstanding, which I repaid without any qualms, it was pro rata i.e it went down every month so it wasn't a huge sum when I did leave.
I believe there has been a lot of threads on this from the Aircrew side it may be worth doing a search to see if you can come to a conclusion from there.