(a) As a condition to the issuance of a license as provided in § 17-22-302, the person applying for the license shall file with the State Athletic Commission a cashier's check, an acceptable letter of credit, or a corporate surety bond in an amount to be established by the commission in its rules, but not less than the sum of two thousand dollars ($2,000) written by a corporate surety authorized to do business in this state, conditioned upon the licensee's payment of all taxes and other charges due the state and its political subdivisions on account of such matches or exhibitions.
(b) The surety under this section shall be written or held by the commission for at least six (6) months.