N.Y. General Business Law § 740: Escrow required for advance payments

§ 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.