§ 18-66. Bond.

(a)

Before the issuance of any pawnbroker's license by the city controller as provided in section 18-65(b), the applicant for the license shall file with the city controller a bond, payable to the city, in the sum of $5,000.00 conditioned on the faithful compliance with the terms and conditions of this article, and such rules and regulations as may from time to time be made for the enforcement thereof, and conditioned further that any person depositing any article of value or pledging any property or article of value with the pawnbroker shall have a right of action upon the bond, in case the licensee fails to properly account for the goods or property, and turn over same to the owner, or in case any goods or property are lost, destroyed, or not so turned over to the owner of the property.

(b)

The bond shall be signed by the applicant and two or more freeholders of the city, or by a surety company, as surety, and shall run for the period of the license and may be renewed from year to year by certificates of applicant and sureties. The bond and all renewals thereto shall be approved by the city controller.

(Code 1968, tit. 340, § 8; Code 1985, § 116.03; Ord. No. 300, 8-6-1906)