Compton Municipal Code § 9-7 Auctions

[Ord. #856, § 6490]

No auction house nor auctioneer license shall be issued or renewed unless there is on file with the City Clerk a surety bond in the principal sum of $2,000 which have been approved by the City Council as to sufficiency and by the City Attorney as to form, and has been executed as surety by a good and sufficient corporate surety authorized to do surety business in the state, and as principal by the applicant for such license, indemnifying any person against any loss through fraud or misrepresentation. Any person licensed by the state and having deposited a bond with said state shall not be required to file a bond with the City Clerk, provided, however, that in such case, the City Clerk shall make a record of the expiration date of such state bond, and note such expiration date on the City license. Any City license for an auction house or an auctioneer shall be revoked automatically whenever either bond mentioned hereunder becomes ineffective for any reason, unless the principal shall file a new surety bond in compliance herewith prior to the date that such bond may become ineffective.

[Ord. #856, § 6490.1]

Any merchant within the City who desires to dispose of his entire stock of goods at public auction may do so without securing a license provided for herein, provided the merchant has been continuously engaged in the business in the City for a period of one year next preceding the date of the opening of the sale, and provided further than such auction does not continue for a longer period than 30 days from the date of such opening.