§ 446-C — Contracts; fees; reporting procedures

New York § 446-C

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 12-C: Apartment Information Vendors

Text

§ 446-c. Contracts; fees; reporting procedures. 1. Every apartment\ninformation vendor licensed under this article shall furnish customers\nwith a contract prepared on a form approved by the secretary of state.\nSuch contract shall include in plain language form a statement setting\nforth the sources of information concerning the location and\navailability of real property, including apartment housing, which may be\nleased, rented, shared or sublet as a private dwelling, abode, or place\nof residence.\n 1-a. Each listing of real property furnished by the apartment\ninformation vendor shall cite the source of information for each\nproperty in plain language form, provided, however, that the failure to\nprovide such information shall not constitute a violation of this\narticle but shall be grounds for license suspension pursuant to section\nfour hundred forty-six-e of this article.\n 2. No apartment information vendor shall claim, demand, charge,\nreceive, collect or contract for an advance fee from a customer except\nas set forth in subdivision five of this section. In no event shall the\nfee charged to the customer or legal occupant exceed one month's rent.\n 3. Notwithstanding the above, an apartment information vendor may at\nany time accept a fee from the current legal occupant of real property\nincluding apartment housing available to share or sublet.\n 4. Each apartment information vendor shall file a quarterly report\nwith the secretary containing such information as the secretary may\nrequire.\n 5. (a) An apartment information vendor may retain not more than\nfifteen dollars out of any advance fee for administrative services. The\nbalance of any advance fee shall be placed in an account similar to that\nrequired by subdivision six of section four hundred forty-six-b of this\narticle, except that it need not be interest bearing and moneys from\nsuch account may be withdrawn as provided in paragraph (b) of this\nsubdivision. The balance of the advance fee shall continue to be the\nproperty of the person paying the advance fee and shall be held in trust\nby the apartment information vendor. Such balance may be mingled with\nother moneys in such account and any interest thereon shall be the\nproperty of the apartment information vendor. Such vendor shall notify\nin writing each person paying an advance fee giving the name and address\nof the banking organization in which the advance fee is deposited.\n (b) If the customer pays an advance fee, the contract with the\napartment information vendor shall contain a provision stating that the\ncustomer may, under the circumstances set forth in this paragraph,\nrecover his advance fee less the amount deducted for administrative\nservices. The vendor shall be entitled to his fee when a customer has\nleased or rented a private dwelling, abode or place of residence through\nthe information provided by the vendor. Within ten days of the receipt\nby the apartment information vendor of written notice stating that the\ncustomer paying an advance fee has not leased or rented a private\ndwelling, abode or place of residence through the information supplied\nby the vendor and does not intend to rent any such private dwelling,\nabode or place of residence, the vendor shall refund the advance fee,\nless the fee for administrative services, to such customer. The vendor\nshall also be required to refund any portion of the advance fee in\nexcess of one month's rent to a customer who has leased or rented a\nprivate dwelling, abode or place of residence through the information\nsupplied by the vendor.\n (c) Notwithstanding anything in this subdivision five to the contrary,\nif the services to be rendered by the apartment information vendor to a\nparticular customer relate exclusively to acting as an apartment sharing\nagent, the vendor may retain the full advance fee, whether or not the\ncustomer leases or rents a private dwelling, abode or place of residence\nthrough the information provided by the vendor, and the provisions of\nparagraphs (a) and (b) of this subdivision five shall not be applicable\nto such transaction.\n