Before a license will be issued, every applicant must submit a $5,000 bond on the forms provided by the licensing authority. All bonds must be conditioned that the principal will observe all laws in relation to pawnbrokers, and will conduct business in conformity thereto, and that the principal will account for and deliver to any person legally entitled any goods which 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 canceled except upon 30 days’ written notice to the city, which shall be served upon the licensing authority.
(Prior Code, § 3-15-8)