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New York Games of Chance Surety Bond

New York Games of Chance Surety Bond

Name: New York Games of Chance Surety Bond
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.67 (373 reviews)

Category:

New York Secretary of State - Miscellaneous

State:

New York

Control #:

NY-DOS-0261

Format:

Instant download

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Public form

Description

Games of Chance Surety Bond New York Games of Chance Surety Bond is a type of surety bond that is required by the New York State Office of Alcoholism and Substance Abuse Services (OASIS) in order for entities to operate regulated games of chance in New York State. This bond is designed to protect the state and its citizens from any damages that may arise from the activities of the games of chance operators. The bond amount is determined by the OASIS and is based on the type of game being operated and the estimated gross receipts. There are three types of New York Games of Chance Surety Bond: 1. Bingo Bond: This bond is required for all entities that operate bingo games in New York State. 2. Bell Jar Bond: This bond is required for all entities that operate bell jar games in New York State. 3. Raffles Bond: This bond is required for all entities that operate raffles in New York State.

New York Games of Chance Surety Bond is a type of surety bond that is required by the New York State Office of Alcoholism and Substance Abuse Services (OASIS) in order for entities to operate regulated games of chance in New York State. This bond is designed to protect the state and its citizens from any damages that may arise from the activities of the games of chance operators. The bond amount is determined by the OASIS and is based on the type of game being operated and the estimated gross receipts. There are three types of New York Games of Chance Surety Bond: 1. Bingo Bond: This bond is required for all entities that operate bingo games in New York State. 2. Bell Jar Bond: This bond is required for all entities that operate bell jar games in New York State. 3. Raffles Bond: This bond is required for all entities that operate raffles in New York State.

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FAQ

Surety bond premiums (the amount you pay) are often calculated as a percentage of the total bond amount, usually between 0.5% and 5% of the bond amount for applicants with good credit, and between 5% up to as much as 20% of the bond amount for applicants with poor credit.

Surety Bond Requirements Required amount of bondAggregate $ amount of NY loans originated$10,000Less than $1,000,000$15,000$1,000,000 to $7,499,999$25,000$7,500,000 to $14,999,999$50,000$15,000,000 to $29,999,9992 more rows

The purpose of the surety bond is to protect the winners of the game promotion in case the operator fails to give the winner the full amount of the prize. If this happens, the Obligee may withdraw the amount from the surety bond by filing a claim. This requirement is by Section 849.094 of the Florida Statutes.

New York title bond costs start at $100. The exact cost varies depending on the surety bond amount required by the New York Department of Motor Vehicles. Bond amounts up to $3,300 cost just $100. Bond amounts from $3,301 to $25,000 cost $30 for every $1,000 of coverage, starting at $100.

New York surety bonds guarantee the legal compliance of bonded parties to specified contracts, agreements or industry standards. For many individuals and companies in New York, posting a surety bond is a prerequisite to conducting business and other professional activities in the state.

If you want to obtain a NY mortgage broker license, you have to provide a surety bond in an amount between $10,000 and $100,000. The licensing authority is the New York State Department of Financial Services, but the procedure is conducted via the Nationwide Multistate Licensing System & Registry.

A Games of Chance license is required if an entity conducts games of chance in which prizes are awarded on the basis of a designated winning number(s), color(s), or symbol(s), determined by chance.

The New York Secretary of State mandates that promoters of games of chance for selling commodities with more than $5,000 in prize money secure a surety bond. The bond amount is equivalent to the amount of prize money to be distributed.

A surety bond is a three-party agreement between a surety, a contractor, and an owner. The surety, (typically an insurance company) promises to satisfy the contractor's obligations if the contractor fails to perform in ance with the construction contract.

More info

Learn about Game of Chance Surety Bonds, ensuring winners of contests, games, or sweepstakes that offer prizes are awarded their promised prizes or awards. The New York Department of State regulates and registers games of chance in the state of New York.Learn more about the surety bonds we offer registrants. Complete an online application. It's free and no-obligation. A Games of Chance surety bond is the preferred instrument and is authorized under Section 369e of the New York State General Business Law. A surety bond is a three party contract in which a Surety company guarantees to a third party (Obligee) that a company (Sponsor) will fulfill some obligation. A Game of Chance Surety Bond is a non-renewable bond guaranteeing the prizes offered in games of chance promotions are awarded to the proper winners. Read Section 369-E - Use of games of chance in selling commodities, N.Y. Gen. Bond No. GAMES OF CHANCE SURETY BOND.

New York Games of Chance Surety Bond

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