(a) Each applicant 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), 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 or more sureties thereon who shall be freeholders within Cuyahoga County, or with a surety company authorized to do business in Ohio. Such bond shall be approved by the Director of Law and shall be conditioned upon faithful observance of all the conditions of this chapter.
(b) The bond shall indemnify any purchaser who suffers any loss by reason of misrepresentations in a sale licensed herein. The bond shall continue in effect for a period of one year. 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 such sale may maintain an action at law against such licensee making such misrepresentations, and may join as party defendant the surety or sureties on such bond as herein provided.
(1982 Code, § 725.06) (Ord. 61-25. Passed 4-17-1961.)