License Bonds

New legislation would reduce the license bond required for used motor vehicle dealers from $50,000 to $20,000.

New legislation was recently introduced that would require debt collection agencies to be licensed and post a surety bond, contract of indemnity, or an irrevocable letter of credit that must be payable to the people of New York. The bond amount would be based on the number of persons employed by the licensee. A $10,000