New York Laws
Article 6 - Motor Vehicle Financial Security Act
315 - Release of Financial Security Bonds or Deposits.

§ 315. Release of financial security bonds or deposits. 1. The
commissioner, upon the surrender of the registration and number plates
for a motor vehicle for which a financial security bond or deposit was
accepted by the commissioner, shall permit the cancellation of any such
bond or shall direct that any such deposit be returned by the
commissioner of taxation and finance. The commissioner shall not release
such bond or deposit in the event any action for damages upon a
liability referred to in this article is then pending or any judgment
upon any such liability then outstanding and unsatisfied, or in the
event the commissioner has received notice that such person has within
the period of three months immediately preceding been involved as a
driver in any motor vehicle accident. An affidavit of the applicant of
non-existence of such facts shall be sufficient evidence thereof in the
absence of evidence to the contrary in the records of the bureau.

2. The commissioner, subject to such reasonable regulations as he may
establish shall permit the form of proof of financial security
acceptable under this article to be substituted for another form of
proof of financial security which may already have been accepted by the
commissioner as complying with the provisions of this article.