(a) No license shall be issued hereunder unless the applicant files with the city a surety bond executed by such applicant with two (2) or more sureties, or by a surety company authorized to do business in the State of Missouri in the sum of two thousand five hundred dollars ($2,500.00), or such other financial security as may be approved by the city counselor, conditioned upon the careful, faithful and honest conduct of the services to be performed by the applicant, or his or its employees. Such bond shall be approved as to form, execution and sufficiency of sureties by the city counselor.

    (b) The bond or approved security required herein shall be taken in the name of the city, and every person injured by the negligent, wilful, malicious or wrongful act of the principal, his agent, servant or employee, in the conduct of business of private detective, may bring an action on the bond in his own name to recover damages for such negligent, wilful, malicious or wrongful act.

    (c) The business license administrator shall suspend any license when the bond or other approved financial security required herein shall have lapsed or is reduced by reason of a judgment thereon, or for any other reason is no longer in full force and effect.

(Code 1964, § 11.790)