Every applicant for an auction business license shall file with the town clerk a surety bond running to the town in the amount of $1,000, with surety acceptable to and approved by the mayor, conditioned that such applicant, if issued an auction business license, will comply fully with all provisions of this code or other ordinances of the town and the statutes of the state regulating and concerning auctions and auctioneers; will render true and strict accounts of all his sales to any person employing him to make the same; will not practice any fraud or deceit upon bidders or purchasers of property from him at any auction sale or suffer or permit any person in his 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 agent 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 above requirements may be permitted by the mayor in his discretion in lieu of a bond.
(1996 Code § 9-17; Ord. 481 § 8, 1978)