(A) Every applicant for a license under this section shall file with the Clerk-Treasurer a surety bond, in favor of the town in the amounts hereinafter set out, (or in lieu thereof, a cash bond in equal amount), with surety approved by the Clerk-Treasurer, conditioned that the applicant shall comply fully with all the provisions of the ordinances of the town, the statutes of Indiana regulating peddlers, canvassers, solicitors, transient merchants, itinerant merchants or itinerant vendors, as the case may be and guaranteeing to any resident of the town that all money paid as a down payment will be accounted for and applied according to the representations of the licensee and further guaranteeing to any resident of the town doing business with the licensee that the property purchased will be delivered according to the representations of the licensee. Action on the bond may be brought by the resident or residents aggrieved and for whose benefit, among others, the bond is given.
(B) The amount of the bond shall be 10 times the largest anticipated single sale by the licensee but in no event shall the bond be less than $1,000.
(1982 Code, § 12-7) Penalty, see § 110.99