New York Statutes
§ 740 — Escrow required for advance payments
New York § 740
This text of New York § 740 (Escrow required for advance payments) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.Y. General Business § 740 (2026).
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
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Nearby Sections
13
§ 74-A
Notification§ 741-A
Advertising§ 741-B
Disclosure§ 741-C
Private information security§ 741-D
Prohibited acts§ 744
Severability§ 745
PreemptionCite This Page — Counsel Stack
Bluebook (online)
New York § 740, Counsel Stack Legal Research, https://law.counselstack.com/statute/ny/GBS/740.