Upon receipt of any permit application the Mayor shall set a time and place for a public hearing thereon. When satisfied, as a result of such public hearing or otherwise, that neither fraud nor deception in the conduct of the sale or in the advertising thereof, nor any misrepresentation of the goods to be sold is intended or will be practiced and that such applicant has complied with all requirements of law, the Mayor, upon receipt of the bond required by Section 731.04, duly approved by the Director of Law as to form and sufficiency, shall issue a permit to the applicant.