(a) General rule.--Before the scheduled date of any professional wrestling contest or exhibition, the promoter shall provide the commission and shall maintain in effect a surety bond in an amount of not less than $10,000, as the department shall determine.

(b) Conditions of bond.--The surety bond shall be conditioned upon the faithful performance by the promoter of his obligations under this subpart and any contract with an entity in charge of an arena or other facility at which the exhibition is held. All bonds shall be on a form supplied by the department and shall be accompanied by a filing fee fixed by the commission.

(c) Recovery on bond.--Recovery may be had on the bond in the same manner as penalties are recoverable at law.