(A) Before a license will be issued, every applicant must submit to the City Clerk-Treasurer a bond with a corporate surety in an amount as set forth by City Council from time to time for approval by the City Council. All bonds shall be conditioned that the principal will observe all laws in relation to the licensed business, including, in particular, compliance with each and every requirement under state statutes; will pay when due all fees, taxes, penalties, and other charges provided by law; and will account for the delivery to any person legally entitled thereto any goods of that person which have come into the principal’s possession through the principal’s business as a pawnbroker, or, in lieu thereof, will pay the reasonable value of the goods in money to the person. The bond shall contain a provision that it may not be canceled except upon 30 days written notice to the city, which shall be served upon the licensing authority. All bonds shall be for the period of the license year. The amount specified in the bond required is declared to be a penalty; provided, however, that the surety thereof shall not be liable for any amount in excess of the penal amount of the bond. Such bond shall run to the city, as obligee, and in the event of a forfeiture of any such bond for violation of the conditions, the County District Court may forfeit the penal sum of the bond to the city.
(B) The licensed business and its principals shall obtain and keep current all insurance as required by the state, including workers compensation coverage, and shall provide proof thereof upon demand to the City Clerk-Treasurer.
(C) An application for renewal of a pawnbroker’s license shall require the applicant to re-verify or update all of the information contained on the original license application.
(D) An applicant seeking to obtain approval for the transfer of a pawnbroker’s license which is currently held by another person or organization, shall complete and furnish to the City Clerk-Treasurer an application form as in the case of an original application for the same type and class of license. In addition, the current license holder must sign the application form indicating its approval of the transfer.
(Prior Code, § 9.18)