(a) Prior to the issuance of a license of a professional wrestling, professional boxing or professional mixed martial arts promoter, an applicant therefor shall demonstrate general fitness, trustworthiness and sufficient capacity to so act by filing a completed application in a manner and form satisfactory to the commission.

(b) An applicant for a license to promote professional boxing or professional mixed martial arts shall execute and file with the Secretary of State a bond in an amount of $10,000, to be approved as to form and sufficiency of sureties thereon by the Secretary of State, conditioned for the faithful performance by said person or entity of the provisions of this article 41 of the General Business Law and the rules and regulations of the commission. In addition, such applicant shall execute and file with the Secretary of State a bond in an amount of $20,000 to be approved as to form and sufficiency of sureties thereon by the Secretary of State, conditioned for and guaranteeing the payment of professionals' purses, salaries of club employees licensed by the commission, and the legitimate expenses of printing tickets and all advertising material. All such bonds must be in effect on the date of licensure. Any lapse or expiration in either bond during the license period shall be cause for immediate license suspension until such bond is renewed or a new bond is filed, approved, and in effect.

(c) An applicant for a license to promote professional wrestling exhibitions shall execute and file with the Comptroller a bond in an amount not less than $20,000 to be approved as to form and sufficiency of sureties thereon by the Comptroller, conditioned for and guaranteeing the payment of professional wrestler's purses, salaries of club employees licensed by the commission, the legitimate expenses of printing tickets and all advertising material, payments to sponsoring organizations, and the applicable State and local sales and compensating use tax. Any lapse or expiration in the bond during the license period shall be cause for immediate license suspension until such bond is renewed or a new bond is filed, approved, and in effect.