(1) All water well contractors shall abide by the licensing laws of Arkansas and shall post a water well contractor's bond.
(2) The Commission on Water Well Construction shall establish and promulgate rules establishing the amount of water well contractor's bonds based on a water well contractor's past performance or violations of the rules of this chapter, construction methods, type or class of construction, and business practices.
(3) In no instance shall this bond be less than ten thousand dollars ($10,000) unless exempted by other provisions of this chapter.