1.    The agriculture commissioner shall determine the amount of the bond required in accordance with this chapter by using the same basis as that prescribed for livestock dealers who are subject to the provisions of the Packers and Stockyards Act, 1921 [7 U.S.C. § 181 et seq.].

2.    Notwithstanding subsection 1, if at the time of licensure or at any point during the period of licensure the agriculture commissioner has reason to believe that a bond is inadequate to secure the performance of the livestock dealer’s obligations, the commissioner shall require an increase in the amount of the bond.

3.    A bond required by this chapter may not be in an amount less than ten thousand dollars.