§ 78-06 Licensing – Bond Required.
RCNY § 78-06
(a)Amount of Bond. An Applicant for an E-Hail Application Provider License or renewal must deposit or have deposited with the Commission a fifty thousand dollar ($50,000) bond per E-Hail Application, payable to the City of New York. The bond must be provided by one or more sureties approved by the Commission.
(b)Bond Guarantees. The bond must guarantee that the Applicant or licensed E-Hail Application Provider will: • comply with all applicable provisions of law and rules 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 E-Hail Application Provider License.
(c)Fines and Judgments. The E-Hail Application Provider is immediately liable for the payment of any fine or judgment when the amount is determined or upon final determination of an appeal. If the fine is not paid as required by 35 RCNY § 78-02(c), the Commission may draw upon the bond.
