N.Y. Vehicle & Traffic Law Section 349
Filing a bond as proof of financial responsibility

(a)

A person required to give proof of financial responsibility may file with the commissioner a bond meeting the requirements of this section.

(b)

Such bond shall be executed by the person giving such proof and by a surety company duly authorized to transact business in this state.

(c)

The commissioner shall not accept any such bond unless it is conditioned for payments in amounts and under the same circumstances as would be required in a motor vehicle liability policy furnished by the person giving such proof under this article.

(d)

No such bond shall be cancelled unless ten days’ prior written notice of cancellation is given the commissioner but cancellation of such bond shall not prevent recovery thereon with respect to any right or cause of action arising prior to the date of cancellation.

(e)

If a final judgment rendered against the principal on the bond filed with the commissioner as provided in this article shall not be satisfied within fifteen days after its rendition, the judgment creditor may, for his own use and benefit and at his sole expense, bring an action on said bond in the name of the state against the company or persons executing such bond.

Source: Section 349 — Filing a bond as proof of financial responsibility, https://www.­nysenate.­gov/legislation/laws/VAT/349 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

330
Commissioner to administer article 331
Proof required upon certain convictions 332
Proof required in the event of certain judgments 333
Payments sufficient to satisfy requirements of this article 334
Suspension waived upon payment of judgment in installments 335
Security and proof required following accident 336
Duty of courts to report judgments 337
Suspension, duration 338
Application to non-resident, other persons 339
Owner may give proof for chauffeur or member of family 340
Surrender of license and evidences of registration 341
Amount of proof required 342
Alternate methods of giving proof 343
Proof of financial responsibility by certificate showing motor vehicle liability policy obtained 344
Certificate furnished by non-resident 345
Motor vehicle liability policy 346
Proof of financial responsibility not required after February first, nineteen hundred fifty-seven 348
Article not to affect other policies 349
Filing a bond as proof of financial responsibility 350
Money or securities deposited as proof of financial responsibility 351
Person having given proof may substitute other proof 352
If proof fails commissioner may require other proof 353
When commissioner may release proof 354
Commissioner to furnish operating record 355
Operating without giving proof when proof required 356
Forging or without authority signing proof of financial responsibility 357
Failing to report convictions and judgments 358
Otherwise violating article 359
Definitions 360
Exceptions 361
Self-insurers 362
Article not to repeal other motor vehicle laws 363
Expenses of administering article 364
Uniformity of interpretation 365
Short title 366
Past application of article 367
This article does not prevent other process 368
Constitutionality
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 349’s source at nysenate​.gov

Link Style