(1) Bond must be payable to the state, with one or more sureties, in the sum of $5,000 and approved by the county clerk of the county in which the auctioneer resides and filed in the clerk's office.
(2) If the auctioneer is not a resident, the bond must be filed with the county clerk of the county of this state in which the auctioneer carries on the auctioneer's principal auction business.