§ 6.125.070. Bond required.

No person shall conduct any business pursuant to this chapter without having first filed a surety bond executed to Clark County by a surety company duly authorized to bond in this state in the sum of twenty-five thousand dollars to be conditioned upon payment of license fees to be paid to any person suffering injury or loss by reason of any violation of the provisions of this chapter. License fees have first priority.

At least ten days prior to the inception of any promotion offering a premium having an actual market value or advertised value of six hundred dollars or more, the licensee shall notify the director of business license in writing of the details of such promotion describing such premium and its current market value, the value at which it is advertised or held out to the customer, the date, if any, the premium shall be awarded, and the conditions under which the award shall be made. The licensee shall file an additional bond for the total current market value, or advertised value, whichever is greater, of one of each of the premiums held out or advertised to be available to a purchaser or recipient. The bond or such portion thereof necessary to cover the cost of the award shall be forfeited to Clark County if the premium is not awarded to a bona fide customer within thirty days of the date disclosed as the time of award or the time required pursuant to Section 6.125.050(L). The licensee shall maintain the bond until it files with the director proof that such premium was awarded.

In the event a license has been issued pursuant to this chapter and a time certificate of deposit was delivered as allowed by prior law in lieu of a bond, such time certificate of deposit may continue to be renewed and used in lieu of the bond required in this section, provided, however, that no new license shall be issued without a bond and no time certificates of deposit will be accepted of new license applications.

(Ord. 1068 § 5, 1988: Ord. 928 § 4, 1985: Ord. 925 § 1 (part), 1985)