§ 9-18. Bond.

Every person licensed under this chapter as an auctioneer shall furnish and deliver to the director of excise and licenses a bond as provided in section 32-9 in the penal sum of two thousand dollars ($2,000.00) and further conditioned upon the payment of damages to any person injured by any violation of this chapter as amended or by any fraudulent or negligent act on the part of such auctioneer, arising from any sale or offer to sell by auction, whether acting by virtue of a permit for the sale of jewelry by auction or otherwise. Such bond or undertaking shall also provide that the sureties may be sued directly either by the city or by any person injured as aforesaid without joining the auctioneer in such suit. Such bonds or undertakings shall be continuing and shall cover not only the original period of the auctioneer's license but also the period of any subsequent renewals of such license. A new bond or undertaking may be required in the case of death or insolvency of any surety thereon. Such undertaking or bond shall contain an endorsement requiring a fifteen-day written notice to the director in the event of the cancellation thereof.

(Ord. No. 10-94, § 1, 1-3-94)