NY New Motor Vehicle Dealer $50,000 Bond

About

New York new motor vehicle dealers are required to maintain a $50,000 surety bond.

General Questions
What is a surety bond? 
What is a surety bond?

A surety bond is a three-party agreement among a principal, an obligee, and a surety.

The bond formalizes the principal's obligation to the obligee. The surety guarantees that the principal will fulfill their obligation.