N.Y. General Business Law § 781: Security to be furnished by vendor

§ 781. Security to be furnished by vendor. When a vendor undertakes to

build or construct a home for a vendee, and such vendee is required to

pay a deposit to such vendor, the vendor shall post with the chief

fiscal officer of the municipality wherein such home is to be erected or

constructed, a bond in the amount of such deposit or deposits. Such bond

shall be posted within five business days after receipt of said deposit

or deposits, by the vendor, and shall secure the payment of said deposit

to the vendee upon the vendor's default. Such bond shall be in such form

as required by the superintendent of financial services.