(A) The application shall be accompanied by a bond in the penal sum of $500, executed by a surety company or two responsible freeholders residing within the town (or in lieu therefor a cash bond of equal amount) conditioned that all goods, wares, merchandise, or articles sold by the applicant will be as represented by him and that he will refund the purchase price of any goods, wares, merchandise, or articles sold by him which are not as represented.
(B) Any person aggrieved by the action of any solicitor or itinerant merchant shall have a right of action on the bond for the recovery of money, damages, or both. In the event a cash bond is deposited, it shall be retained by the town for 90 days after the expiration of the license.