(a) An applicant for an auctioneer's license, upon being granted such license, shall pay to the City a fee of five dollars ($5.00) and in addition thereto shall furnish to the Director of Public Service a bond of three thousand dollar, ($3,000) for the use of anyone injured by a violation of any of the provisions of this chapter by such auctioneer.
(b) An applicant for an auction house license, upon being granted such license, shall pay to the City a fee of twenty-five dollars ($25.00) and shall furnish to the Director a bond of three thousand dollars ($3,000) for the use of anyone injured by a violation of any of the provisions of this chapter by such auction house licensee and, in addition, shall furnish evidence that such auction house licensee is insured in the minimum amount of one hundred thousand dollars/three hundred thousand dollars ($100,000/$300,000) for damage to persons or property arising out of any negligent act of the insured or any agent or employee of the insured. Such insurance shall be approved by the Director and shall be in full force for a period of one year from the date of the license. Each bond shall be an approved surety bond, approved by the Director, shall be in full force and issued for a period of one year from the date of the license and shall be conditioned upon the faithful performance and observance by the licensee of all the provisions of this chapter.
(Ord. 72-13. Passed 3-20-72.)