(1) No person shall conduct or advertise a show without a promoter license issued by the commission to conduct the show. Show dates shall be approved as determined through the promulgation of an administrative regulation.
(2) Any person applying for a promoter license shall file with the commission a bond in the sum of ten thousand dollars ($10,000), to be approved as to form and the sufficiency of the sureties by the commission, conditioned for the payment of:
(a) Taxes;
(b) Fines;
(c) Fees imposed by the commission;
(d) Purses and money owed to contestants; and (e) Money owed to judges, physicians, referees, timekeepers, or other contracted event service providers.
(3) If the promoter's bond expires or is cancelled, the commission shall immediately terminate that promoter's license.