1. Before the running of any race meet licensed by the Commission, the licensee shall post with the Commission a bond executed by the licensee as principal, and by a corporation qualified pursuant to the laws of this state as surety, payable to the State of Nevada, and conditioned upon the payment of all money due to the State, the payment of purses to the participants, and the payment of the employees of the licensee. The bond must be in such an amount as the Commission deems necessary, not to exceed $100,000. In lieu of a bond, the licensee may deposit with the Commission lawful money of the United States or a certified check in an amount not to exceed $100,000 or any other form of security authorized by NRS 100.065. If security is provided in the form of a savings certificate, certificate of deposit or investment certificate, the certificate must state that the amount is not available for withdrawal except upon order of the Commission. After the race meet the posted cash, check, bond or other security must be returned or exonerated as the case may be, upon full performance by the licensee.
2. A nonprofit organization or agricultural association conducting a race meet is exempt from the requirements of subsection 1.