Amateur boxing events of any kind, when athletes compete in amateur boxing, shall be approved by the local boxing committee of the United States of America Amateur Boxing Federation, Inc. Each local boxing committee which conducts amateur boxing within Maryland shall meet the following requirements: Submit promoter and matchmaker license applications to the Commission annually; Submit a bond in the amount of $2,000 to cover expenses incurred by the amateur boxing events to the Commission annually; Submit a list of boxers, judges, referees, and other officials registered with the United States of America Amateur Boxing Federation, Inc. local boxing committee on a regular basis; Advise the Commission as to when amateur boxing events are to take place. Organizers and participants of amateur boxing events sanctioned by the United States of America Amateur Boxing Federation, Inc. or its local boxing committee may not be required to pay any license fees.