N.Y. ACA Law § 25.15 — New York Code / Act ACA / Title G / Article 25 / Section 25.15
Bond
Status: in_force

* § 25.15. Bond. The secretary of state shall require the applicant\nfor a license to file with the application therefor a bond in due form\nto the people of New York in the penal sum of twenty-five thousand\ndollars, with two or more sufficient sureties or a duly authorized\nsurety company, which bond shall be approved by the secretary of state.\nEach such bond shall be conditioned that the obligor will not be guilty\nof any fraud or extortion, will not violate directly or indirectly any\nof the provisions of this article or any of the provisions of the\nlicense or certificate provided for in this article, will comply with\nthe provisions of this article and will pay all damages occasioned to\nany person by reason of any misstatement, misrepresentation, fraud or\ndeceit or any unlawful act or omission of such obligor, his or her\nagents or employees, while acting within the scope of their employment,\nmade, committed or omitted in connection with the provisions of this\narticle in the business conducted under such license or caused by any\nother violation of this article in carrying on the business for which\nsuch license is granted. One or more recoveries or payments upon such\nbond shall not vitiate the same but such bond shall remain in full force\nand effect, provided, however, that the aggregate amount of all such\nrecoveries or payments shall not exceed the penal sum thereof. Before\nthe secretary shall draw upon such bond, the secretary shall issue a\ndetermination in writing which shall include the basis of such action.\nThe secretary shall notify in writing the licensee of any such\ndetermination and shall afford the licensee an opportunity to respond\nwithin twenty days of the receipt of such determination. In no event may\nthe bond be drawn upon in less than twenty-five days after the service\nof a determination to the licensee. Such written notice may be served by\ndelivery thereof personally to the licensee, or by certified mail to the\nlast known business address of such licensee. Only upon such\ndetermination of the secretary shall moneys be withdrawn from the bond.\nUpon the commencement of any action or actions against the surety upon\nany such bond for a sum or sums aggregating or exceeding the amount of\nsuch bond the secretary of state shall require a new and additional bond\nin like amount as the original one, which shall be filed with the\ndepartment of state within thirty days after the demand therefor.\nFailure to file such bond within such period shall constitute cause for\nthe revocation of the license pursuant to section 25.31 of this article\ntheretofore issued to the licensee upon whom such demand shall have been\nmade. Any suit or action against the surety on any bond required by the\nprovisions of this section shall be commenced within one year after the\ncause of action shall have accrued.\n  * NB Effective until July 1, 2027\n  * § 25.15. Posting of license or certificate. Immediately upon the\nreceipt of the license or certificate issued pursuant to this article by\nsuch commissioner, the licensee named therein shall cause such license\nto be posted and at all times displayed in a conspicuous place in the\nprincipal office of such business for which it is issued, and shall\ncause the certificate for each branch office, bureau, agency or\nsub-agency to be posted and at all times displayed in a conspicuous\nplace in such branch office, bureau, agency or sub-agency for which it\nis issued, so that all persons visiting such principal office, branch\noffice, bureau, agency or sub-agency may readily see the same. Such\nlicense or certificate shall at all reasonable times be subject to\ninspection by such commissioner or his authorized inspectors. It shall\nbe unlawful for any person, firm, partnership or corporation holding\nsuch license or certificate to post such license or certificate or to\npermit such certificate to be posted upon premises other than those\ndescribed therein or to which it has been transferred pursuant to the\nprovisions of this article or unlawfully to alter, deface or destroy any\nsuch license or certificate.\n  * NB Effective July 1, 2027\n