At the time of filing an application for a license, the applicant shall file a bond in the amount of $5,000 with the City Administrator. The City Attorney thereon, must approve the bond, with a duly licensed surety company as surety as to form. The bond must be conditioned that the licensee shall observe the ordinances of the city, in relation to the business of pawnbroker, and all laws in relation to the business of pawnbroker, and will conduct business in conformity thereto, and that the principal will account for and deliver to any person legally entitled any goods which may have come into the principal’s hand through the principal’s business as a pawnbroker or in lieu thereof will pay the reasonable value in money to the person. The bond shall contain a provision that no bond may be cancelled, except upon 30 days’ written notice to the city, which shall be served upon the licensing authority.
(2004 Code, § 120.20) (Ord. 95-162, passed 2-27-1996; Ord. 06-0442, passed 8-8-2006)