Each applicant hereunder shall execute and file with the Finance Director a good and sufficient bond in the sum of two thousand five hundred dollars ($2500) 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 ($5000) with two or more sureties thereon who are freeholders within Lake County, or with the surety thereon being a surety company authorized to do business in the State, which bond and sureties shall be to the approval of the Law Director, shall be conditioned upon faithful observance of all the conditions of this chapter and shall indemnify any purchaser who suffers any loss by reason of misrepresentations in a sale licensed hereunder. The bond shall continue in effect for a period of one year. The licensee shall notify the Finance Director 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 the licensee making such misrepresentations and may join as party defendant the surety or sureties on the bond as herein provided.
(Ord. 1964-12. Passed 3-9-64.)