(A) Prior to any pawnbroker license being issued, the applicant shall furnish a corporate security bond, best A Rated, or better and the penal sum of $10,000 with sufficient sureties to be approved by the city which bond shall be conditioned that the owner, operator shall during the time of the license comply with all the laws of the state of Michigan and the city pursuant to this chapter and in regard to pawnbrokers, secondhand dealers, junk dealers, Precious Metal and Gem Dealers Act of the state, as set forth, and the sale of secondhand watches act of the state as set forth, including any amendments to the foregoing state laws. Any person aggrieved by the action of the licensee shall have a right of action on the bond for recovery of money damages. Such bond shall remain in full force and effect for 90 days after the expiration or cancellation of any license, or after the termination of any action upon such bond.
(B) On the recommendation of the Building Inspector, City Manager, or Hamtramck City Police Department, an additional bond may be required in order to assure that the conditions at the site of the business are maintained from which the costs of any enforcement action shall be repaid to the city in the event of any enforcement action for compliance with this chapter.
(Ord. 77, passed 7-28-1928; Am. Ord. 81, passed 2-28-1929; Am. Ord. 2013-009, passed 1-22-2013)