(a) The annual license fee to engage in the business of a collection agency shall be one hundred dollars ($100.00). Each applicant for such a license shall file with the Recorder a continuing surety bond in the form prescribed by the Recorder. Each bond shall be in the amount of five thousand dollars ($5,000), continued that such agency or its agent will pay all damages resulting from any unlawful act or action by such agency in connection with the conduct of the business.
(b) Within this section, collection agency shall mean all persons, firms, corporations, and associations directly or indirectly engaged in the business of soliciting from or collecting from others any account, bill, or indebtedness due or asserted to be owed or due another person.
(1978 Code Sec. 8-29)