(a) Promoters are subject to this part including, without limitation, any amateur event not exempted from this part shall submit a written application for and receive an event license prior to each event as follows:

1. (1) Each application shall be on a form established by the State Athletic Commission or if no form is established, then with such information as the commission may require;
2. (2) Each application shall be submitted with a nonrefundable application fee of fifty dollars ($50.00) for each event permit fee;
3. (3) Each application shall be submitted at least thirty (30) days prior to the proposed event date;
4. (4) Each application may apply for only one (1) event license, however, each application may provide for alternate event dates not more than ninety (90) days following the first proposed event date;
5. (5) Each application shall be directed to the designated employee or employees;

6. (6) Each application shall be simultaneously submitted with:

   1. (A)

(i) Proof of financial responsibility by submitting a surety bond of at twenty thousand dollars ($20,000) written by a bonding company or other commission-approved corporate surety authorized to do business in the State of Arkansas guaranteeing payment of all obligations, including without limitation gross receipts taxes, arising out of the event, with such bond or bonds being of such type that a claim may be made thereupon, if such claim is filed with the commission no later than ninety (90) days after the event.

1. (ii) Bonds may be issued for as long as one (1) year, but in no case valid for less than ninety (90) days.

   1. (iii) Provided, however, the amount of the bond required hereunder may be increased by the commission or designated employee or employees on an event-by-event basis when seating capacity of the venue exceeds one thousand (1,000) seats; and

   2. (B)

      1. (i) In lieu of the required surety bonds, cash, certificates of deposit, irrevocable letters of credit, or other security acceptable to the commission, which alternate security shall be retained by the commission for a minimum of one hundred eighty (180) days after the event for which the commission issued the event license.
      2. (ii) If no claim, written or verbal, is submitted to the commission before the one hundred eightieth day following the event for which the commission issued the event license, then the commission shall return the alternate security to the promoter or other person posting the alternate security.
      3. (iii) The commission shall not return the alternate security until any and all claims filed before the one hundred eightieth day are resolved by the commission;

2. (7)

   1. (A) An application shall be rejected if the granting of such application would result in the promoter having more than six (6) events simultaneously approved by the commission.
   2. (B) The exception that a licensed, bonded promoter may have up to two (2) annual shows permitted in addition.
   3. (C) If a promoter has more than two (2) annual shows and wishes to have them licensed simultaneously, then all events over the two (2) annual shows shall be included in the total of six (6) listed above; and
3. (8) An application shall be rejected if, within the twelve (12) months preceding the application date, the promoter has without good cause (insufficient ticket sales shall never be considered good cause) cancelled two (2) or more approved events.