§ 1-8. Surety bond.

(a) Amount and tenor.

A surety bond, in the amount of $25,000, with a surety approved by the City Comptroller, conditioned on the auctioneer's performance in accordance with the provisions and intent of this subtitle, shall be posted prior to the issuance of any license and shall remain in effect during its term.

(b) Filing.

Said bond shall be filed in duplicate with the Director of Finance, and the duplicate shall be forwarded to the City Comptroller for his signatory approval and returned to the Director.

(c) Loss of surety.

(1) In the event the surety leaves the State or becomes insolvent, the Director of Finance shall demand a substitute surety.

(2) If the auctioneer fails to provide other security within 15 days after such demand, the license issued thereupon shall become null and void and the Director of Finance shall give notice thereof in 2 or more daily newspapers.