Page:United States Statutes at Large Volume 50 Part 1.djvu/816

 75 TH CONGRESS, 1ST SESSION-CH. 760-AUGUST 25, 1937 P Every application for a license shall be accompanied by a bond in the sum of $2,500 in the case of a broker and $1,000 in the case of a salesman running to the District of Columbia, executed by two good and sufficient sureties, to be approved by the Commission, or executed by a surety company duly authorized to do business in the District of Columbia : Provided, however, That no bond shall be required of any firm, partnership, copartnership, association, or cor- oration when the application of every member or officer of such firm, I?art .nership, copartnership, association, or corporation actively participating in the broker age business thereof is acc ompanied by a bond as provided for in this section. Said bond shall be in form approved by the Commission, and conditioned that the appli- cant shall conduct himself and his business in accordance with the requirements of this Act ; and for his failure so to do any person aggrieved thereby shall have, in addition to his right of action against the principal thereof, a right to bring suit against the surety on said bond either alone or jointly with the principal thereon, and to recover i n an amount n ot exceeding the penalty of the bond any damages sustained by reason of any act, representation, transaction, or conduct of the principal which may be prohibited by this Act or enumerated as one of the causes for suspension or revocation of a license granted hereunder. If a recovery be had on any bond the licensee shall restore the bond to its original amount. Nothing in this Act shall be construed to impose upon the surety on any such bond a greater liability than the total amount thereof or the amount remaining unextinguished by any prior recovery or recoveries as the case may be. No suit or action against the surety on any such bond shall be brought later than one year from the accrual of the cause of action thereon. The surety may terminate its liability under such bond by giving thirty days' written notice thereof, served either personally or by registered mail, to the principal and to the Commission ; and upon giving such notice the surety shall be discharged from all liability under such bond for any act or omission of the principal occurring after the expiration of thirty days from the date of service of such notice. Unless on or before the expiration of such period the principal shall duly file a new bond in like amount and condi- tioned as the original in substitution of the bond so terminated, the license of the principal shall likewise terminate upon the expira- tion of such period. Upon making any payment on account of its bond, the surety shall immediately notify the Commission. The Commission, with due regard to the paramount interest of the public, may require other reasonable p roof of the ho nesty, truth- fulness, and integrity of the applicant. PROCEDURE WHEN LICENSE IS REFUSED APPLICANT SEC. 6. The Commission, after an appli cation in pro per form has been filed, shall, before refusing to issue a license, set the application down for a hearing and determination as hereinafter provided in section 9. DE TAI LS REL ATI NG TO LIC ENS E SEC. 7. The Commission shall cause to be issued to each licensee a license in such form and size as shall be prescribed by the Com- mission. Every license shall show the name and address of the licens ee, and if li censee is a me mber o r offic er of a firm, partne rship, copartnership, association, or corporation, the full name and address of such firm, partnership, copartnership, association, or corporation shall also be shown on said license. Licenses issued to real-estate Bond. Precise. Exemptions. 791 F o r m ; conditions, etc. Liability of surety. Time l imitat ion. Integrity, etc ., re. quirements. Procedure when Ii. cense refused. Detailed provisions relating to license.