(A) Before a license will be issued, every applicant must submit to the City Clerk a bond with corporate surety, or in lieu thereof, cash or United States government bonds in the amount of $5,000, which bond shall be approved by the City Council. All bonds shall be conditioned that the principal will observe all laws in relation to such licensed business, including in particular complying with each and every requirement of this chapter; will pay when due all fees, taxes, penalties and other charges provided by law; and will account for the delivery to any person legally entitled thereto any goods of that person which have come into the principal's possession through the principal's business as a pawnbroker, or, in lieu thereof, will pay the reasonable value of the goods in money to the person. All bonds shall be for the period of the license year.
(B) The amount specified in the bond required is declared to be a penalty; provided, however, that the surety thereof shall not be liable for any amount in excess of the penal amount of the bond. Such bond shall run to the city, as obligee, and in the event of a forfeiture of any such bond for violation of the said conditions, the District Court of Nobles County may forfeit the penal sum of the said bond to the city.
(1) The licensed business and its principals shall obtain and keep current all insurance as required by the state, including workers compensation coverage, and shall provide proof thereof upon demand to the City Clerk.
(2) The licensed business shall at all times be located and operated in compliance with all existing requirements of the fire, building, zoning, health, and all other applicable codes of the city.
(3) An application for renewal of a pawnbroker's license shall require the applicant to reverify or up-date all of the information contained on the original license application.
(4) An application seeking to obtain approval for the transfer of a pawnbrokers license which is currently held by another person or organization, shall complete and furnish to the City Clerk an application form as in the case of an original application for the same type and class of license. In addition, the current license holder must sign the application form indicating its approval of the transfer.
(Ord. 799, passed 4-11-94) Penalty, see § 10.99