The applicant for a transient auction house license shall file with the city recorder a corporate surety bond acceptable to and approved by the city attorney in the sum of ten thousand dollars ($10,000.00); provided, however, that if the sale should be for articles described in section 5.16.230 of this chapter, or its successor, the bond shall be in the sum of thirty thousand dollars ($30,000.00), which bond shall indemnify and run to Salt Lake City, and any person injured or damaged through dealing with such licensee, or their employees or agents, and be in full force and effect for the year in which they obtain a license. It shall be conditioned on the fact that if the applicant is issued such license, the licensee will fully comply with all 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 auction sales to any person or persons employing said auctioneer to make the same, will not practice any fraud, deceit, or make any material misrepresentations of fact with reference to property or bidders or purchasers of property from any auction sale conducted under the license, and will pay all damages which may be sustained by any person by reason of any fraud, deceit, negligence or wrongful act on the part of the licensee, his agents or employees and the conduct of auctioneer in the exercise of the call of auctioneer. (Prior code § 20-5-19)