Section 77. The fee for a license as a pawnbroker or renewal thereof shall be established in a town by town meeting action and in a city by city council action, and in a town with no town meeting by town council action, by adoption of appropriate by-laws and ordinances to set such fees, but in no event shall any such fee be greater than one hundred dollars. The licensee shall, at the time of receiving such license, file with the authorities who issue the license a bond to such city or town, in the sum of three hundred dollars, with two sureties approved by such authorities, and conditioned for the faithful performance of the duties and obligations pertaining to the business so licensed.