Each application for a transient merchant license shall be accompanied by a license fee of Fifty Dollars ($50.00) and by a cash bond or a surety bond issued by a corporate surety authorized to do business in this state in the amount of Two Thousand Dollars ($2,000.00) or five percent (5%) of the wholesale value of any goods, wares, merchandise, or services to be offered for sale whichever sum is lesser. The surety bond shall be made payable to the State of Oklahoma and shall assure the payment by the applicant of all taxes that may be due from the applicant to the state or any political subdivision of the state, the payment of any fines that may be assessed against the applicant or its agents or employees for violation of the provisions of the Transient Merchant Licensing Act,¹ and for the satisfaction of all judgments that may be rendered against the transient merchant or its agents or employees in any cause of action commenced by any purchaser of goods, wares, merchandise, or services within one (1) year from the date of the sale by such transient merchant. The bonds shall be maintained so long as the transient merchant conducts business in the county and for a period of one (1) year after the termination of such business and shall be released only when the transient merchant furnishes satisfactory proof to the court clerk that it has satisfied all claims of purchasers of goods, wares, merchandise, or services from such merchant, and that all state and local sales taxes and other taxes have been paid.