§ 2-432 Surety Bonds.
RCNY § 2-432
(a)An applicant for the issuance or renewal of a license must furnish a bond consistent with the requirements set forth in § 20-542 of the Administrative Code.
(b)An applicant seeking to furnish a bond in the sum of thirty thousand dollars must: (1) submit a collective bargaining agreement to the Department and certify that such agreement satisfies the requirements set forth in § 20-542(b)(1) of the Administrative Code; or (2) submit an active monitoring agreement to the Department and identify the provisions in the monitoring agreement that satisfy the requirements set forth in § 20-542(b)(2) of the Administrative Code.
(c)If a collective bargaining agreement submitted pursuant to paragraph 1 of subdivision b of this section is modified or amended, expires or otherwise terminates during the term of the license, the licensee must: (1) submit a current collective bargaining agreement to the Department and certify that such agreement satisfies the requirements set forth in § 20-542(b)(1) of the Administrative Code within 15 days of such modification, amendment, expiration or termination; or (2) furnish a bond in the sum of one hundred fifty thousand dollars consistent with the requirements set forth in § 20-542 of the Administrative Code.
(d)If an active monitoring agreement submitted pursuant to paragraph 2 of subdivision b of this section is modified or amended, expires or otherwise terminates during the term of the license, the licensee must: (1) submit a current active monitoring agreement to the Department and identify the provisions in the monitoring agreement that satisfy the requirements set forth in § 20-542(b)(2) of the Administrative Code within 10 days of such modification, amendment, expiration or termination; or (2) furnish a bond in the sum of one hundred fifty thousand dollars consistent with the requirements set forth in § 20-542 of the Administrative Code.
(e)Every licensee shall maintain the surety bond in the amount required by § 20-542 of the Administrative Code throughout the term of the license.
(f)Licensees shall immediately notify the Department in the event of the termination of, or other material change in, the surety bond required by § 20-542 of the Administrative Code.
(g)Licensees shall furnish a surety bond to the Department upon request of the Department.
(h)Failure to maintain a surety bond as required by § 20-542 of the Administrative Code shall be grounds for the suspension or revocation of a license issued pursuant to § 20-541 of the Administrative Code. (Added City Record 9/26/2016, eff. 10/26/2016)
