N.Y. GBS Law § 740
This is the official text of N.Y. GBS Law § 740, part of New York’s GBS Law — part of the compiled statutory law of New York, published by the state as "GBS Law." Browse the sections below, each linked to its official government source.
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Escrow required for advance payments
Official statutory text
§ 740. Escrow required for advance payments. All monies paid by a\nconsumer to an automobile broker business in connection with a\ntransaction covered by this article shall be trust funds in the\npossession of such automobile broker business and shall be deposited by\nit within five days after receipt thereof, in an account in a banking\norganization within the state. The automobile broker business shall\nthereupon notify in writing the consumer, giving the name and address of\nthe banking organization and the amount deposited. The monies shall be\nheld on deposit until fully applied to the contract price at the time\nthe automobile is delivered to the consumer, unless sooner repaid in\naccordance with the provisions of this article.\n
Status: in_force · Read it on the official government site
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