The New York Games of Chance Bond is required by the State of New York. The bond states that the bondholder shall perform and fulfill all undertakings and obligations as offered in such game, contest, promotion, advertising scheme or plan. As provided in Section 369-e of the General Business Law. The amount of the bond shall be equal to the total value of the prizes offered. In addition, the bond should be issued by a surety company licensed to do business in the state.
What is the purpose of the Games of Chance Bond?
The bond protects the consumer against fraud on the part of the the bond holder. Whether an individual, firm or corporation. The bond shall be in favor of the people of New York.
Who needs a bond?
The New York Department of State is the filing office for registering as a Games of Chance organization. A license is required if the organization awards prizes based on a designated winning number(s), color(s), or symbol(s), determined by chance where the prizes offered is in excess of $5,000.
The Games of Chance Bond is one of the licensing requirements. In addition to the bond, a Games of Chance Registration must be forwarded to the New York Secretary of State, Division of Corporations, State Records and Uniform Commercial Code. There is a $100 filling fee.
How do I obtain a New York Games of Chance bond?
Start the process by first completing our free, online application. After that, one of our licensed agents will contact you with a no-obligation quote on the bond premium. Next, after any necessary paperwork is signed and the premium payment is processed, your New York Games of Chance bond will be shipped to you. You can choose either USPS Priority Mail or Overnight, for an additional fee.
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.