2006 New York Code - Bond.

 
    §  20-499  Bond.  a.  As  a  condition of the issuance of a license to
  engage in towing, each applicant 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  and  any  rules  or
  regulations  promulgated  hereunder, and upon the further condition that
  the applicant will pay to the city any fine, penalty or other obligation
  within thirty days of its imposition, or any final judgment recovered by
  any person who received towing services from a licensee  thereunder  and
  was  damaged  thereby.  The  commissioner  may in his or her discretion,
  after a public hearing, five days notice of which shall be 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 regulation authorize an applicant to, in lieu  of  a
  bond,  deposit  cash  to  satisfy the requirements of this section in an
  amount equal to the sum of the surety bond required by this section.
    b.  The  commissioner  may  by  regulation  establish  a  fund  to  be
  administered by the comptroller and authorize an applicant for a license
  to  engage  in  towing  to,  in  lieu of a bond or cash equivalent, make
  contributions to such fund to satisfy the requirements of subdivision  a
  of   this  section.  The  commissioner  may  promulgate  such  rules  or
  regulations as  are  necessary  for  the  administration  of  such  fund
  including,  but not limited to, regulations setting forth the conditions
  for participation in the fund, the contributions required to be made  to
  the  fund  and  the circumstances under which disbursements will be made
  from the fund.