Section 25.15. Bond

The  secretary  of state shall require the applicant
  for a license to file with the application therefor a bond in  due  form
  to  the  people  of  New  York  in the penal sum of twenty-five thousand
  dollars, with two or more  sufficient  sureties  or  a  duly  authorized
  surety  company, which bond shall be approved by the secretary of state.
  Each such bond shall be conditioned that the obligor will not be  guilty
  of  any  fraud or extortion, will not violate directly or indirectly any
  of the provisions of this article  or  any  of  the  provisions  of  the
  license  or  certificate  provided for in this article, will comply with
  the provisions of this article and will pay all  damages  occasioned  to
  any  person  by  reason of any misstatement, misrepresentation, fraud or
  deceit or any unlawful act or omission  of  such  obligor,  his  or  her
  agents  or employees, while acting within the scope of their employment,
  made, committed or omitted in connection with  the  provisions  of  this
  article  in  the  business conducted under such license or caused by any
  other violation of this article in carrying on the  business  for  which
  such  license  is  granted. A suit to recover on the bond required to be
  filed by the provisions of this article may be brought in  the  name  of
  the person damaged, upon the bond deposited with the department of state
  by  such  licensed  person,  in  a  court of competent jurisdiction. The
  amount of damages claimed by the plaintiff and not the penalty named  in
  the  bond  shall  determine  the  jurisdiction of the court in which the
  action is brought. One or more recoveries or  payments  upon  such  bond
  shall  not vitiate the same but such bond shall remain in full force and
  effect, provided,  however,  that  the  aggregate  amount  of  all  such
  recoveries  or payments shall not exceed the penal sum thereof. Upon the
  commencement of any action or actions against the surety upon  any  such
  bond  for a sum or sums aggregating or exceeding the amount of such bond
  the secretary of state shall require a new and additional bond  in  like
  amount  as the original one, which shall be filed with the department of
  state within thirty days after the demand therefor. Failure to file such
  bond within such period shall constitute cause for the revocation of the
  license pursuant to section 25.31 of this article theretofore issued  to
  the  licensee  upon  whom  such demand shall have been made. Any suit or
  action against the surety on any bond required by the provisions of this
  section shall be commenced within one year after  the  cause  of  action
  shall have accrued.
    * NB Effective until May 16, 2010