No person shall engage In the business of pawnbroker without having executed and delivered a bond to the city in the sum of $5,000. The bond shall be in a form approved by the Mayor and shall be conditioned upon the conduct of such pawnbroker's business according to the provisions of this article, the laws of the state and all ordinances of the city. Such bond shall be for the benefit of each and every person damaged by a breach of any condition set forth in the bond. The term of the bond must cover the entire duration of the initial annual permit or annual renewal period. Every pawnbroker shall provide the Mayor with 30 days' notice in writing of cancellation of the bond.