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Before any license is issued, the applicant shall pay to the City Clerk the license fee prescribed in the schedule provided for in Section 802.24 and shall file a bond in the amount required by such schedule. Such bond shall be conditioned upon the faithful compliance by the applicant with the provisions of this chapter and the payment of all penalties which may be recovered against him or her for the violation of any of the provisions of this chapter and upon the faithful accounting to the consignor or owner of the goods entrusted to such applicant of moneys received by him or her and for the protection of any person purchasing goods from the auctioneer who is injured by an unlawful or fraudulent sale by such auctioneer.
(1975 Code Sec. 7.43)