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Each application for a private investigator’s business license under this article shall be accompanied by a corporate surety bond in the amount of one thousand dollars ($1,000.00), executed by a surety company authorized to do business in the state, and conditioned that the person applying for the private investigator’s business license will comply with all of the laws and ordinances regulating the business of a private investigator and all lawful requirements made by the city council, and shall pay all damages occasioned to any person by reason of any misstatement, misrepresentation, fraud or deceit of the licensed person, agent or employee, or which may result from any other violation of law or ordinance in carrying on the business licensed. (2003 Code)