(A) Before any pawnbroker license is issued, the applicant shall furnish a surety bond with at least two sureties, or a cash bond in the penal sum of $3,000 conditioned on the faithful performance of the duties and obligations pertaining to the conduct of the business and for the payment of all costs and damages incurred by any violation of the statute. The bond shall be approved and kept on file by the City Clerk.
(B) Any person aggrieved by the action of a licensed pawnbroker shall have a right of action on the bond for the recovery of damages or to enforce any lawful right. The bond shall remain in force for 90 days after the expiration or cancellation of the license. Any cash bond posted with the City shall be returned to the license holder without interest 90 days after the expiration or cancellation of the license, or after termination of any action against the bond, whichever is later.
(Ord. 623-05-10, passed 5-17-10; Am. Ord. 631-11-10, passed 11-1-10)