(a) An applicant for a license to act as a promoter of a contest shall execute a surety bond to be given to the State for the benefit of each person who may be interested in the payment of the expenses incurred in connection with the contest.
(b) The surety bond shall be:
(1) in the amount of:
(i) $2,000; or
(ii) any greater amount that the Commission requires;
(2) in a form that the Commission approves;
(3) with a surety that the Commission approves; and
(4) conditioned on the payment, within the time that the Commission sets, of all expenses incurred in connection with the contest.