At the time of filing an application for a license, the applicant shall file a bond in the amount of $5,000 with the city. The bond, with a duly licensed surety company as surety thereon, must be approved as to form by the City Attorney. The bond must be conditioned that the licensee shall observe all ordinances of the city and all laws in regulation to the business of secondhand dealers, and that the licensee will account for and deliver to any person legally entitled thereto any articles which may have come into the possession of the licensee as a secondhand dealer, or in lieu thereof, the licensee shall pay the person or persons the reasonable value thereof. The bond shall contain a provision that it may not be cancelled without 30-day advance written notice to the city.
(Prior Code, § 111.261)