§ 62-07 Licensing – Bond Required.
RCNY § 62-07
(a)Amount of Bond. An Applicant for a Broker's License or a license renewal must deposit with the Commission a bond in the sum of fifty thousand dollars ($50,000) payable to the City of New York. The bond must be furnished by one or more sureties approved by the Commission.
(b)Bond Guarantees. The bond must guarantee that the Applicant or Licensee will comply with the provisions of the Administrative Code of the City of New York, observe all applicable rules or regulations of the Commission, pay all fines imposed by the Commission, and pay all judgments or settlements arising from any action connected in any way with the Broker's License.
(c)Fines and Judgments. The Broker is immediately liable for any fine or judgment when the amount becomes due, including in case of an appeal, when the final determination is issued.
