The annual license fee to conduct the business of a collection agency within the corporate limits of the City shall be one hundred dollars ($100.00). Before a certificate of license shall be issued to any person to conduct such an agency, such person shall execute a continuing bond with some solvent surety company as surety thereon in the penalty of five thousand dollars ($5,000) payable to the City, conditioned that such person will pay all damages accruing to anyone by reason of any unlawful act or action done, performed or taken by such person in and about the conduct of such collection agency. Such bond shall be approved as to surety by the City Recorder and shall be recorded in the office of the City Recorder. The fact of the execution of such bond, the amount thereof, and the book and page number in which recorded shall be stamped upon the fact of the certificate of license before issuance. (1972 Code §11-2-3)