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This entry was published on 2021-06-18
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SECTION 25.15
Bond
Arts and Cultural Affairs (ACA) CHAPTER 11-C, TITLE G, ARTICLE 25
* § 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determination of the secretary shall moneys be withdrawn from the bond.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, 2022

* § 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, 2022