Before a license will be issued, every applicant must submit a bond with corporate surety, cash, or a United States government bond in an amount of $5,000. All bonds must be conditioned that the principal will observe all laws in relation to pawnbrokers, and will conduct business in conformity thereto, and that the principal will account for and deliver to any person legally entitled any goods which have come into the principal’s hand through the principal’s business as a pawnbroker, or in lieu thereof, will pay the reasonable value in money to the person. The bond will contain a provision that no bond may be canceled except upon 30 days written notice to the city, which will be served upon the City Manager or designated official. The bond must provide that it is forfeited to the city upon a violation of law or ordinance.
('72 Code, § 468:35) (Ord. 1997-843, passed 3-24-97)