[R.O. 1966 § 8:15-7]
Before a license shall issue, the applicant shall execute and deliver to and file with the Director a bond with good and sufficient surety, to be approved by the Director as to sufficiency and by the Department of Law as to form, equal in amount to 25% of the value of the personal property shown in the declarations and disclosures required under this chapter, but in no event shall the bond be less than $1,000. The bond shall remain in force for one year. The bond shall be conditioned to indemnify and pay to the City any penalties or costs incurred in the enforcement of any of the provisions of this chapter, and further conditioned to indemnify or reimburse any purchaser of goods, wares and merchandise in a sum equal to at least the amount of any payment such purchaser may have been induced to make through the misrepresentation as to the kind, quality or value of such goods, wares and merchandise so purchased, whether the misrepresentations were made by the owner or by his servant, agent or employee, either at the time of making the sale or through any advertisement of any character whatsoever, printed or circulated, with reference to the stock of goods, wares and merchandise, or any part thereof; and further conditioned that the bond shall be due and payable for any falsification of a statement of fact in the application filed for the license or if the business conducted under such license is conducted in a manner contrary to law or against the morals, public health or safety of the life or limb of the public.