Each license applicant 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), except that such bond shall not be required when the wholesale market value of the goods, wares or merchandise to be offered for sale is not in excess of five thousand dollars ($5,000.00), 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 business in the State. Such bond shall be to the approval of the Director of Law, and conditioned upon faithful observance of all the conditions of this chapter, and shall also indemnify any purchaser who suffers any loss by reason of misrepresentations in a licensed sale. The bond shall continue in effect for a period of one (1) year. The licensee shall notify the Commissioner of any suit filed as a result of the licensed operations. Any purchaser claiming to have been damaged by misrepresentation in a 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 bonds as provided in this chapter.
(Ord. No. 994-56. Passed 6-18-56, eff. 6-20-56)