(a) Every application for a license to engage in the business of junk collector or junk dealer shall be accompanied by a bond in the amount set forth in division (b) hereof, with a surety or collateral security approved by the Director of Finance, and conditioned on the due observance during the term of the license of all laws, ordinances, rules or regulations applicable to junk collectors or junk dealers which are now in force or which may hereafter be adopted by the duly constituted authorities.
(b) The amount of the bond referred to in division (a) above shall be as follows:
(1) Two hundred fifty dollars ($250.00) for a junk collector; and
(2) One thousand dollars ($1,000.00) for a junk dealer.