1. The Commission may issue and revoke licenses to conduct, hold or give contests or exhibitions of unarmed combat in accordance with such terms and provisions as the Commission prescribes. 2. Any application for such a license must be in writing and correctly show and define the applicant. The application must be accompanied by an annual fee to be fixed by the Commission on a uniform scale. 3. The Commission may deny an application for such a license or grant a limited, restricted or conditional license for any cause deemed sufficient by the Commission. 4. Before any license is granted, the applicant must file a bond in an amount fixed by the Commission but not less than $10,000, executed by the applicant as principal, and by a corporation qualified under the laws of this state as surety, payable to the State of Nevada, and conditioned upon the faithful performance by the applicant of the provisions of this chapter. All money which the Commission receives pursuant to this subsection must be deposited with the State Treasurer for credit to the Athletic Commissions Agency Account, which is hereby created in the State Agency Fund for Bonds. 5. If the Commission believes the requirement for a bond is inadequate, the Commission may require the promoter to make a deposit of money in an amount fixed by the Commission. The deposit must be made not less than 5 days before the contest or exhibition. It may be used to satisfy any obligation incurred by the promoter during the staging of the contest or exhibition upon order of the Commission. After satisfaction of all such obligations, the Commission shall release the remainder to the promoter. 6. The provisions of subsections 4 and 5 do not apply to amateur athletic clubs.
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