No person shall hereafter carry on the business of pawnbroker, as defined in and under the terms of the Act of the Legislature of the State of Michigan, being Act 273, Public Acts of 1917, and titled, "An Act to regulate and license pawnbrokers in cities and incorporated villages of this state, having a population of more than three thousand", without first having furnished a bond to the city in the penal sum of $3,000, with at least two sureties, to be approved by the City Council, conditioned for the faithful performance of the duties and obligations pertaining to the said business and for the payment of all costs and damages incurred by any violation of this Act, and without first having obtained a license and having paid annually to the City Treasurer a license fee which is hereby fixed and determined, pursuant to Section 2 of said Act, in the sum of $200.
('68 Code, § 3-401) (Ord. 61, passed 8-1-44) Penalty, see § 10.99