Ordinance - #03-50 - 11/25/2003 - Laserfiche WebLink

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Each application shall be accompanied by a bond in the amount of $5,000.00 executed by a corporation authorized to do business in the State of Minnesota and conditioned that in conducting such business the licensee will observe all laws in relation to pawnbrokers, and will conduct business in conformity thereto, and that the licensee will account for and deliver to any person legally entitled any goods which have come into the licensee's possession through the licensee's business as a Pawnbroker, or in lieu thereof, will pay the reasonable value in money to the person. Such bond shall be maintained so long as the licensee does business in the City. The Bond shall be for the benefit of the City or any person who shall suffer any damage through the act of such licensee and shall not be te~Tninable without the bond company giving written notice thirty (30) days in advance of te~Tnination to the Administrator. Each application shall be accompanied by a statement indicating the amount of investment the applicant has in the business, building, premises, fixtures, furniture, stock in trade, etc. and proof of source of such money. If the applicant is a natural person, the application shall be signed and sworn to by the person; if a corporation, by an agent authorized to sign; if a partnership, by a partner. No person shall make any material false statement in the application. In addition to other penalties, the licensee's license may be revoked by the Council for giving false information on the application. Snbd. 3. Investigation Fee. An applicant for a license pursuant to this Section shall deposit with the City at the time an original application is submitted, $1,500.00 to cover the costs involved in verifying the license application and to cover the expense of any investigation needed to assure compliance with this Section. If the investigation and verification process is conducted solely within the State of Minnesota, the fee shall be $500.00 and the remainder of the deposit shall be returned to the applicant. If the investigation and verification process is conducted outside the State of Minnesota, the City may recover the actual investigation costs, not exceeding $1,500.00. Subd. 4. Expiration of License, All licenses shall expire one (1) year after issuance unless earlier renewed. A new application fee shall be required whenever there is any change in the facts presented by the application other than date, applicant(s) home address or building owner(s) address, or in the case of any license not renewed prior to its' expiration. Subd. 5. Persons and Locations Ineligible for a License A. No license under this Section shall be issued to an applicant who is a natural person if such applicant: 1. Is a minor at the time the application is filed;