(a)
(1) Any person, firm, or corporation soliciting advertising in the State of Arkansas in the name of, on behalf of, or claiming to represent bona fide labor organizations shall, prior to the soliciting thereof, file with the Secretary of State a surety bond in the sum of five thousand dollars ($5,000), conditioned that the person, firm, or corporation will well and truly perform any and all contracts entered into between the person, firm, or corporation and any person, firm, or corporation within the state.
(2) The person, firm, or corporation shall further file with the Secretary of State credentials from the organization the person, firm, or corporation represents, signed by the president and secretary and bearing the official seal of the organization.
(3) The bond shall be for the benefit of any person, firm, or corporation who or which has failed to receive any advertising contracted for.
(b) Any person, firm, or corporation violating the provisions of this section shall be guilty of a misdemeanor. Upon conviction, the person, firm, or corporation shall be fined in any sum not less than one thousand dollars ($1,000).