The annual license fee to conduct the business of a collection agency within the corporate limits of the City shall be one hundred dollars ($100.00). However, before a certificate of license is issued to any person to conduct such an agency, such person shall execute a continuing bond with some solvent surety company as surety thereon in the sum of five thousand dollars ($5,000), payable to the City, conditioned that such person will pay all damages accruing to anyone by reason of any unlawful act or action done, performed or taken by such person in and about the conduct of such collection agency. The bond shall be approved as to surety by the City Clerk and shall be recorded in the office of the City Clerk. The fact of the execution of such bond, the amount thereof, and the book and page number in which recorded shall be stamped upon the face of the certificate of license before issuance.