Every applicant 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 Mayor a bond acceptable to him or her payable to the City in the amount of one thousand dollars ($1,000). The conditions of such bond shall be that the applicant shall comply fully with all the provisions of the ordinances of the City and the statutes of the State regulating and concerning the business of soliciting, shall guarantee 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 the solicitor and shall further guarantee to any resident of the City doing business with the solicitor that the property purchased will be delivered according to the representations of the solicitor. Action on the bond may be brought in the name of the City to the use or benefit of the aggrieved person, but must be brought within sixty days after the expiration of the permit of the solicitor.