In lieu of obtaining the bond required by Code Section 10-1-832, any
operator may place all entrants’ fees in an escrow account from which the operator cannot and does not withdraw any funds until the pageant has been held and all awards have been made. If the operator elects this option, in lieu of the information required by paragraph (6) of Code Section 10-1-831 the operator shall provide in the written statement the name, address, and telephone number of the financial institution where the escrow account is maintained and the account number of the
escrow account. The operator shall maintain a record of each escrow account established for a period of five years.