N.Y. General Business Law § 740
Escrow required for advance payments
New York · New York General Business Law · Status: effective · Effective 2014-09-22
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- N.Y. General Business Law § 740, Escrow required for advance payments, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1108732
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Full text
§ 740. Escrow required for advance payments. All monies paid by a
consumer to an automobile broker business in connection with a
transaction covered by this article shall be trust funds in the
possession of such automobile broker business and shall be deposited by
it within five days after receipt thereof, in an account in a banking
organization within the state. The automobile broker business shall
thereupon notify in writing the consumer, giving the name and address of
the banking organization and the amount deposited. The monies shall be
held on deposit until fully applied to the contract price at the time
the automobile is delivered to the consumer, unless sooner repaid in
accordance with the provisions of this article.