Every person applying for a license as a pawnbroker shall, before receiving such license, execute a bond to the City, with two (2) or more sufficient sureties, to be approved by the Mayor, or furnish a surety company bond as provided by State law, in the penal sum of five hundred dollars ($500.00) conditioned for the faithful compliance with the laws of the State and the ordinances of the City. (Prior Code § 13-3)