In order to engage in the practice or business of a ticket broker a person shall be required to:

(1) Maintain a permanent office or place of business in this state, excluding a post office box, for the purpose of engaging in the business of a ticket broker;

(2) Apply to the commission for a ticket broker's license on a form designated by the commission, pay an annual license fee of $400.00, and renew the license annually;

(3) Pay any local tax required by a local government;

(4) Register for sales and use tax purposes pursuant to Article 1 of Chapter 8 of Title 48; and

(5) Provide satisfactory evidence to the commission that the ticket broker has posted or has made provision for the posting of a bond. The required bond shall be executed in favor of the state, in the amount of $100,000.00, with a surety company authorized to do business in this state and conditioned to pay damages not to exceed the amount of such bond to any person aggrieved by any act of the principal named in such bond, which act is in violation of this Code section.