N.Y. Vehicle & Traffic Law § 315: Release of financial security bonds or deposits

§ 315. Release of financial security bonds or deposits. 1. The

commissioner, upon the surrender of the registration and number plates

for a motor vehicle for which a financial security bond or deposit was

accepted by the commissioner, shall permit the cancellation of any such

bond or shall direct that any such deposit be returned by the

commissioner of taxation and finance. The commissioner shall not release

such bond or deposit in the event any action for damages upon a

liability referred to in this article is then pending or any judgment

upon any such liability then outstanding and unsatisfied, or in the

event the commissioner has received notice that such person has within

the period of three months immediately preceding been involved as a

driver in any motor vehicle accident. An affidavit of the applicant of

non-existence of such facts shall be sufficient evidence thereof in the

absence of evidence to the contrary in the records of the bureau.

2. The commissioner, subject to such reasonable regulations as he may

establish shall permit the form of proof of financial security

acceptable under this article to be substituted for another form of

proof of financial security which may already have been accepted by the

commissioner as complying with the provisions of this article.