(a) Applicants for the license provided for in Section 729.04 shall execute and file with the Mayor a good and sufficient bond in the sum of two thousand five hundred dollars ($2,500), with two or more sureties thereon who shall be freeholders within the City or with the surety thereon a surety company authorized to do business in the State. Such bond shall be approved by the Solicitor and shall be conditioned upon faithful observance of all the provisions of this chapter and shall also indemnify any purchaser at the going-out-of-business sale who suffers any loss by reason of any misrepresentation made during the course of such sale. Such bond shall continue in effect until the expiration of the statute of limitations on all claims secured by such bond.
(b) Licensees under Section 729.04 shall notify the Mayor of any lawsuit filed against them as a result of the operations so licensed. Any purchaser claiming to have been damaged by any such misrepresentation may maintain an action at law against the licensee making such misrepresentation and may join as party defendant the surety or sureties on such bond.
(Ord. 29-75. Passed 8-20-75.)