§ 20-532.1 Bond required.
AC § 20-532.1
As a condition of the issuance of a license to engage in booting, each applicant for such license or a renewal thereof shall furnish to the commissioner a surety bond in the sum of five thousand dollars, payable to the city of New York, executed by the applicant and a surety approved by the commissioner. Such bond shall be conditioned upon the applicant's compliance with the provisions of this subchapter, section 19-169.2 of this code or subchapter one of chapter five of this title and any rules promulgated thereunder, and upon the further condition that the applicant will pay to the city any fine, penalty or other obligation relating to a violation of this subchapter, section 19-169.2 of this code or subchapter one of chapter five of this title and any rules promulgated thereunder, within thirty days of its imposition, or any final judgment recovered by any person whose motor vehicle was booted by the applicant and was damaged thereby. The commissioner may in his or her discretion, after a public hearing upon five days notice published in the City Record, increase the amount of the surety bond required by this section to an amount not to exceed twenty-five thousand dollars. The commissioner may by rule authorize an applicant, in lieu of furnishing a bond, to satisfy the requirements of this section by depositing cash in an amount equal to the amount of the surety bond required by this section or by rule of the commissioner.
