Every applicant for an auctioneer's license shall file with the Village Clerk a surety performance bond running to the Village in the amount of one thousand dollars ($1,000) with surety acceptable to and approved by the Corporation Counsel conditioned that the said applicant, if issued an auctioneer's license, will comply fully with all the provisions of the ordinances of the Village and the statutes of the State of Illinois 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 agent or employees, in the conduct of any auction or in the exercise of the calling of auctions. (A liability insurance policy issued by an insurance company authorized to do business in the State of Illinois which conforms to the above requirements may be permitted by the Corporation Counsel, at his discretion, in lieu of a bond.)
(Ord. 02-2350, passed 7-9-02) Penalty, see § 119.999