§ 740 — Escrow required for advance payments

§ 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