Any person, either for himself or for any other person, who desires to become licensed to commence or carry on any new rental business, as in this chapter specified, shall place with the tax administrator such security in a sum not less than twice the estimated average tax due monthly as computed by the tax administrator. A "new rental business" is defined as a rental business having a change of licensee after August 1987. In the event the operator of any "rental business" as defined herein does not have any delinquency in his obligation under this chapter, for a period of two (2) years from the placing of such security with the tax administrator, said security so placed with the tax administrator shall be fully refunded to the person who placed the security with the tax administrator. (Prior code § 13-32)