Every applicant for an auctioneer's license shall file with the director of finance a surety bond running to the city in the amount of one thousand dollars with surety acceptable to and approved by the director of finance conditioned that the applicant, if issued an auctioneer's license, will comply fully with all the provisions of the ordinances of the city and the statutes of the state regulating and concerning auctions and auctioneers, will render true and strict accounts of all of his or her sales to any person or persons employing him or her to make the same, will not practice any fraud or deceit upon bidders or purchasers of property from him or her at any auction sale or suffer or permit any person in his or her employ to practice any such fraud or deceit, and will pay all damages which may be sustained by any person by reason of any fraud, deceit, negligence or other wrongful act on the part of the licensee, his or her agents or employees, in the conduct of any auction or in the exercise of the calling of auctioneer. A liability insurance policy issued by an insurance company authorized to do business in the state which conforms to the above requirements may be permitted by the director of finance in his or her discretion in lieu of a bond.
(Ord. 1232 § 2, 1975)