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Each applicant hereunder shall deposit with the Director of Finance a certified bank check in the sum of two thousand five hundred dollars ($2,500) to be held for a period of ninety days, or shall execute and file with the Director of Finance a good and sufficient bond in the sum of two thousand five hundred dollars ($2,500), for a term not less than ninety days, except that such bond shall not be required when the wholesale market value of the goods, wares or merchandise to be offered for sale is not in excess of five thousand dollars ($5,000) with two more sureties thereon, who shall be freeholders in Cuyahoga County or with the surety thereon, a surety company authorized to do business within the State. The bond shall be subject to the approval of the Director of Law.
The certified bank check and bond as herein provided shall be conditioned upon faithful observance of all conditions of this chapter and shall also indemnify any purchaser who suffers any loss by reason of misrepresentations in a sale licensed hereunder.
The licensee shall notify the Director of Finance of any suit filed as a result of the operations hereby licensed. Any purchaser claiming to have been damaged by misrepresentation in the sale may maintain an action at law against the licensee making such misrepresentations, and may join as party defendant the surety on the bond as herein provided.
(Ord. 17-87. Passed 10-26-87.)