Section 41. Licenses, how obtained; penalty for carrying on business without license

The  mayor  or such local licensing authority may from time to
  time grant, under his hand and the official seal of his office, to  such
  citizens,  or  aliens  lawfully  admitted for permanent residence in the
  United States, as he shall deem proper and  who  shall  produce  to  him
  satisfactory  evidence  of  their  good character, a license authorizing
  such person to carry on the business of a collateral loan broker,  which
  license  shall  designate  the house in which such person shall carry on
  said business, and no person, corporation,  partnership  or  firm  shall
  carry  on  the  business  of a collateral loan broker without being duly
  licensed, nor in any  other  house  than  the  one  designated  in  said
  license,  under a penalty of one hundred dollars for each day he or they
  shall exercise or carry on said business without such license or at  any
  other  house  than  the  one  so  designated.  Any person receiving such
  license shall pay therefor the sum of five hundred dollars for  the  use
  of the city yearly where such business is to be conducted in a city with
  a population of more than one million persons, and where the business is
  to  be conducted elsewhere the fee for such license shall not exceed two
  hundred fifty dollars yearly, and every such license  shall  expire  one
  year  from  the  date  thereof, and may be renewed on application to the
  mayor or local licensing authority each and every year on payment of the
  same sum and upon performance of the other conditions herein  contained.
  Every  person  so licensed shall, at the time of receiving such license,
  file with the mayor or such local licensing authority granting the  same
  a  bond  to  the  local  authorities,  to  be  executed by the person so
  licensed and by two responsible  sureties,  in  the  penal  sum  of  ten
  thousand  dollars,  to  be  approved  by  such  mayor or local licensing
  authority, which bond shall be conditioned for the faithful  performance
  of  the  duties  and obligations pertaining to the business so licensed,
  and the mayor or such local licensing authority shall  have  full  power
  and authority to revoke such license for cause.