In the place of the bond required at LMC 5.56.090, any person employing solicitors or peddlers shall file with the City before a license shall issue to any of such person’s employees, a bond in the amount of $5,000 executed by the employer as principal and a surety company authorized to do business in the state as a surety, running in favor of the City, conditioned that any person who may suffer any loss or damage by reason of any malfeasance, misfeasance, or deceptive practice in the conduct of such solicitation or peddle shall have the right to institute an action for recovery against the licensee and the surety upon such bond. Such bond shall further require that the employer and all employees and agents of the employer, shall fully comply with all provisions of state law and City ordinances regulating the business of solicitors or peddlers, or business in general, and that all moneys paid as a down payment or donated will be accounted for and applied according to the representation of the solicitor or peddler and further that the property ordered or sold will be delivered or the services will be performed according to the undertaking of the solicitor or peddler. Any person injured by the licensee’s/principal’s failure to account for moneys received, deliver the goods ordered or sold, or perform the services promised, shall have in his or her own name, a right of action on such bond against both the principal and surety. [Ord. 173 § 1, 1998.]