Every applicant for the license required by Section 671.09 shall execute and file with the Commissioner of Assessments and Licenses a good and sufficient bond of two thousand five hundred dollars ($2,500.00), with two (2) or more sureties thereon who shall be freeholders within the City, or with the surety thereon a surety company authorized to do a business in the State. Such bond shall be to the approval of the Director of Law, and shall be conditioned upon faithful observance of all the conditions of this chapter. Such bond shall also indemnify any purchaser at a public auction who suffers any loss by reason of misrepresentations in such sale. Such bond shall continue in effect until the expiration of the statute of limitations on all claims secured by such bond. The licensee shall notify the Commissioner of any suit filed as a result of the operations hereby licensed. Any purchaser claiming to have been damaged by misrepresentation in an auction sale may maintain an action at law against the licensee, making such misrepresentations, and may join as party defendant the surety or sureties on the bond.
(Ord. No. 1301-A-44. Passed 5-7-45)