Any purchaser who buys slaughter livestock other than through a selling agent who is bonded or otherwise secured to assure payment as required by the United States Packers and Stockyards Act (7 U.S.C. § 181) and the rules and regulations promulgated thereunder, shall be required to register with the director, and shall provide assurance of his financial ability to faithfully and promptly account for and pay to the seller or his designated representative, the total proceeds from the sale of slaughter livestock in accordance with the requirements which the director may establish by rule and regulation in accordance with the Administrative Procedure Act.