N.Y. Arts and Cultural Affairs Law § 25.15: Bond

* § 25.15. Bond. The secretary of state shall require the applicant

for a license to file with the application therefor a bond in due form

to the people of New York in the penal sum of twenty-five thousand

dollars, with two or more sufficient sureties or a duly authorized

surety company, which bond shall be approved by the secretary of state.

Each such bond shall be conditioned that the obligor will not be guilty

of any fraud or extortion, will not violate directly or indirectly any

of the provisions of this article or any of the provisions of the

license or certificate provided for in this article, will comply with

the provisions of this article and will pay all damages occasioned to

any person by reason of any misstatement, misrepresentation, fraud or

deceit or any unlawful act or omission of such obligor, his or her

agents or employees, while acting within the scope of their employment,

made, committed or omitted in connection with the provisions of this

article in the business conducted under such license or caused by any

other violation of this article in carrying on the business for which

such license is granted. One or more recoveries or payments upon such

bond shall not vitiate the same but such bond shall remain in full force

and effect, provided, however, that the aggregate amount of all such

recoveries or payments shall not exceed the penal sum thereof. Before

the secretary shall draw upon such bond, the secretary shall issue a

determination in writing which shall include the basis of such action.

The secretary shall notify in writing the licensee of any such

determination and shall afford the licensee an opportunity to respond

within twenty days of the receipt of such determination. In no event may

the bond be drawn upon in less than twenty-five days after the service

of a determination to the licensee. Such written notice may be served by

delivery thereof personally to the licensee, or by certified mail to the

last known business address of such licensee. Only upon such

determination of the secretary shall moneys be withdrawn from the bond.

Upon the commencement of any action or actions against the surety upon

any such bond for a sum or sums aggregating or exceeding the amount of

such bond the secretary of state shall require a new and additional bond

in like amount as the original one, which shall be filed with the

department of state within thirty days after the demand therefor.

Failure to file such bond within such period shall constitute cause for

the revocation of the license pursuant to section 25.31 of this article

theretofore issued to the licensee upon whom such demand shall have been

made. Any suit or action against the surety on any bond required by the

provisions of this section shall be commenced within one year after the

cause of action shall have accrued.

* NB Effective until July 1, 2027

* § 25.15. Posting of license or certificate. Immediately upon the

receipt of the license or certificate issued pursuant to this article by

such commissioner, the licensee named therein shall cause such license

to be posted and at all times displayed in a conspicuous place in the

principal office of such business for which it is issued, and shall

cause the certificate for each branch office, bureau, agency or

sub-agency to be posted and at all times displayed in a conspicuous

place in such branch office, bureau, agency or sub-agency for which it

is issued, so that all persons visiting such principal office, branch

office, bureau, agency or sub-agency may readily see the same. Such

license or certificate shall at all reasonable times be subject to

inspection by such commissioner or his authorized inspectors. It shall

be unlawful for any person, firm, partnership or corporation holding

such license or certificate to post such license or certificate or to

permit such certificate to be posted upon premises other than those

described therein or to which it has been transferred pursuant to the

provisions of this article or unlawfully to alter, deface or destroy any

such license or certificate.

* NB Effective July 1, 2027