An applicant for a transient merchant's license shall pay to the attorney general a license fee of two hundred dollars to cover the cost of licensing and shall give a surety bond, or the deposit of cash in lieu thereof, which must be not less than one thousand dollars nor more than fifty thousand dollars, the surety on which must be a surety company authorized to transact business in the state of North Dakota. The contents and surety therein are subject to the approval of the attorney general and must be conditioned that the applicant will in all things conform to the laws relating to transient merchants and further conditioned upon full compliance with all material oral or written statements and representations made by the applicant, the applicant's agents, representatives, or auctioneers with reference to merchandise sold or offered for sale, and on faithful performance under all warranties made with reference thereto. The bond may not be revocable nor terminate prior to passage of two years' time after the expiration of the license issued pursuant thereto nor until due notice that the terms of the bond are to be canceled has been given to the attorney general. No license is valid for more than one person unless that person is a bona fide member of a copartnership. Licenses issued by the attorney general are valid in all counties of the state and expire after one year from the dates of their issuance. No sale under the purview of this chapter may be conducted in the name of any person other than the bona fide owner of the goods, wares, and merchandise. The files and records of the attorney general pertaining to transient merchants must be kept in convenient form and open for public inspection.
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