§ 41. Licenses, how obtained; penalty for carrying on business without
license. The mayor or such local licensing authority may from time to
time grant, under his or her hand and the official seal of his or her
office, to such citizens, or noncitizens lawfully admitted for permanent
residence in the United States, as he or she shall deem proper and who
shall produce to him satisfactory evidence of their good character, a
license authorizing such person to carry on the business of a collateral
loan broker, which license shall designate the house in which such
person shall carry on said business, and no person, corporation,
partnership or firm shall carry on the business of a collateral loan
broker without being duly licensed, nor in any other house than the one
designated in said license, under a penalty of one hundred dollars for
each day he or they shall exercise or carry on said business without
such license or at any other house than the one so designated. Any
person receiving such license shall pay therefor the sum of five hundred
dollars for the use of the city yearly where such business is to be
conducted in a city with a population of more than one million persons,
and where the business is to be conducted elsewhere the fee for such
license shall not exceed two hundred fifty dollars yearly, and every
such license shall expire one year from the date thereof, and may be
renewed on application to the mayor or local licensing authority each
and every year on payment of the same sum and upon performance of the
other conditions herein contained. Every person so licensed shall, at
the time of receiving such license, file with the mayor or such local
licensing authority granting the same a bond to the local authorities,
to be executed by the person so licensed and by two responsible
sureties, in the penal sum of ten thousand dollars, to be approved by
such mayor or local licensing authority, which bond shall be conditioned
for the faithful performance of the duties and obligations pertaining to
the business so licensed, and the mayor or such local licensing
authority shall have full power and authority to revoke such license for
cause.