The New York Certification of Winners Commodity Games of Chance is a document issued by the Office of the State Comptroller of New York. It is required for any organization that wants to conduct a game of chance in the state of New York. The document certifies that the game is operated in accordance with the laws of New York and is subject to the rules and regulations of the Office of the State Comptroller. This certification is necessary for organizations to be allowed to conduct a game of chance in the state. There are two types of New York Certification of Winners Commodity Games of Chance, each with a different purpose. The first type of certification is for organizations that are conducting a game of chance, such as a raffle, bingo, or other lottery. This type of certification is required to ensure that the game is operated in accordance with the rules and regulations of the Office of the State Comptroller. The second type of certification is for organizations that are selling or distributing tickets for a game of chance. This type of certification is required to ensure that the tickets are sold or distributed in accordance with the laws of the state.
New York Certification of Winners Commodity Games of Chance
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FAQ
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.
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.
You must submit: GC-2 Application for Games of Chance License. On this form you must provide information about your nonprofit organization, the type of games to be played, the location of games, and the purpose of games. GC-2A Application for Games of Chance License.
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.
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