New York surety bonds

New York at a glance

Motor vehicle dealer

$20,000 / $50,000 / $100,000

DMV VS-3 under VTL § 415(6-b); amount follows prior-year sales and franchised-new status.

Mortgage broker

$10,000–$100,000

Based on how many New York applications you report each year (3 NYCRR § 410.14).

Mortgage banker

$50,000–$500,000

Based on New York loans closed on the annual Volume of Operations Report (3 NYCRR § 410.8).

Money transmitter

$500,000+

Minimum New York instruments bond; $750,000 separate amount when selling traveler’s checks.

Public adjuster

$1,000

Insurance Law § 2108; file with the DFS public-adjuster application.

1. 1

   Match the licensed name exactly

   DMV rejects dealer bonds when the business name or mailing address differs from the VS-1 facility application. DFS mortgage and money-transmitter filings must match NMLS legal and DBA names.

2. 2

   Confirm the activity-based amount

   Dealer, mortgage broker, and mortgage banker amounts move with prior-year sales, applications, or New York loans closed. Order the amount that matches the current DMV or VOOR tier—not a guess.

3. 3

   Use the agency bond form

   Dealers need DMV Form VS-3 completed by the surety. Mortgage companies and money transmitters use DFS/NMLS bond forms. Public adjusters upload the completed bond with the DFS license packet.