Each applicant for license under the provision of this Chapter shall file with the City recorder a bond in the penal sum of one thousand dollars ($1,000.00) to be approved by the Municipal Council. Each such bond shall be made payable to the City and shall be conditioned that the person applying for the license will comply with all laws, the Provo City Code and other City ordinances regulating employment agencies and all laws for requirements made by the state industrial commission and shall pay all damages occasioned to any person by reason of any misstatement, misrepresentation, fraud or deceit of the licensed person, the licensee’s agent or employee or which may result from any other violation of law, the Provo City Code or other City ordinance in carrying on the business licensed. Said payments for damages to be made from the bond and failure to keep the said bond enforced during all times that the license is being used and the business followed shall be grounds for revocation of license.