(A) Any person desiring a license pursuant to the provisions of this chapter, before receiving any such license, shall furnish a surety bond in the principal sum of $5,000.
(B) Such bond shall be conditioned as follows:
(1) Upon the observance of the applicant of all the provisions of this chapter relating to auction sales;
(2) Upon the truth of all the representations made in connection with the application for such license;
(3) Upon the truth of all the representations made in the course of any auction sale; and
(4) As a guarantee that the purchase price of any article purchased at such sale will be returned to any purchaser, upon the proof that any false or misleading statement or misrepresentation has been made concerning any personal property sold or offered for sale at any such auction sale or in such auction place of business.
('66 Code, § 5-3.07) (Ord. 293-A, passed 7-9-51)