Every applicant for a license under this article who is not a resident of the City or who, being a resident of the City, represents a firm whose principal place of business is located outside the State, shall file with the City Clerk a surety bond, running to the City in the amount of one thousand dollars ($1,000), with surety acceptable to and approved by the City Manager, conditioned that the applicant shall comply fully with all the provisions of this article and other ordinances and the statutes of the State regulating and concerning the business of solicitor and guaranteeing to any resident of the City that all money paid as a down payment will be accounted for and applied according to the representations of such solicitor. Action on such bond may be brought in the name of the City to the use or benefit of any aggrieved person.
(1977 Code Sec. 33.05.)