2006 New York Code - Bond Required.

 
    §  20-532.1 Bond required. 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.