Before a license is issued, the applicant shall execute and deliver to the Department of Finance a good and sufficient bond with good and sufficient surety or sureties to be approved by the Director of Law, in the sum of five hundred dollars ($500.00), which bond shall be conditioned as to indemnify or reimburse any purchaser of goods, wares or merchandise in a sum equal to at least the amount of any payment or payments such purchaser may have been induced to make through misrepresentation as to the kind, quality or value of such goods, wares or merchandise whether the misrepresentation was made by the owners or by their servants, agents or employees, either at the time of making the sale, or through any advertisement of any character whatsoever, printed or circulated with reference to the stock of goods, wares and merchandise, or any part thereof.