No person shall be eligible for approval to sign checks for an applicant-borrower unless he applies for approval from the fund to sign checks on behalf of the applicant-borrower and has furnished or presents satisfactory evidence that he is able and will furnish and appropriate fidelity bond which names the fund as the obligee or as a co-obligee in an amount approved by the fund.
N.Y. Comp. Codes R. & Regs. Tit. 18 § 1002.2