A. Every applicant for an auctioneer's license shall file with the city recorder a surety bond running to Salt Lake City, in the amount of five thousand dollars ($5,000.00), with surety acceptable to and approved by the city attorney, conditioned that the applicant, if issued an auctioneer's license, will comply fully with all the provisions of the ordinances of the city and the statutes of the state regulating and concerning auctions and auctioneers, will render true and strict accounts of all his sales to any person or persons employing him to make the same, will not practice any fraud or deceit upon bidders or purchasers of property from him at any auction sale or suffer or permit any person in his employ to practice any such fraud or deceit, and will pay all damages which may be sustained by any person by reason of any fraud, deceit, negligence or other wrongful act on the part of the licensee, his agents or employees in the conduct of any auction or in the exercise of the calling of auctioneer. A liability insurance policy issued by an insurance company authorized to do business in the state which conforms to the above requirements may be permitted by the city attorney in his discretion in lieu of a bond. An auctioneer employed by one holding an auction house license or a transient auction house owner's license, in lieu of filing a bond or certificate of insurance, may file a notarized affidavit from the said license holder that affirms that said applicant is an employee, that said license holder is responsible for all actions of such employee, and that such employee is covered by a valid bond as above required.
B. It is unlawful for any auctioneer who files a certificate of employment with an auction house licensee or transient auction house licensee to conduct an auction except under the direct supervision of such licensee. (Prior code § 20-5-12)