N.Y. Real Property Law § 446-b: License required

§ 446-b. License required. 1. It is unlawful for any person to act or

engage in the business as an apartment information vendor in this state

without first having obtained a license from the secretary of state. No

person shall be granted a license until he has established that he is

trustworthy and bears a reputation for good and fair dealing.

2. The application for such license shall be filed in the office of

the secretary of state on such forms as the secretary may prescribe.

3. When the apartment information vendor maintains more than one place

of business, he shall apply for a supplemental license for each branch

office so maintained. Supplemental licenses shall be conspicuously

displayed in each branch office. The display of an expired license by

any person, firm, partnership or corporation is a violation of the

provisions of this article.

4. From and after the date when this subdivision shall take effect,

the term for which a license shall be issued or reissued under this

article shall be a period of one year beginning the first day of

November in any year and ending the thirty-first day of October one year

later. A license which takes effect on a day other than the first day of

November in any year shall extend for a term expiring on the

thirty-first day of October following the date on which the license

takes effect.

5. Any license granted under the provisions hereof may be renewed for

one year by the secretary upon application therefor by the holder, in

such form as the secretary may prescribe. The secretary may dispense

with the requirement for the filing of such statements as was contained

in the original application for license.

6. Every applicant for a license under the provisions of this section,

shall establish and maintain a special interest bearing trust account in

the minimum amount of five thousand dollars in a branch of a national or

state chartered banking institution having a place of business within

the state, plus twenty-five hundred dollars for each additional licensed

office, except that any applicant whose business is limited exclusively

to acting as an apartment sharing agent shall be required to establish

and maintain an account of only twenty-five hundred dollars plus twelve

hundred fifty dollars for each additional licensed office. No license

shall be issued unless a copy of a certificate of deposit showing the

minimum balance in said special interest bearing trust account has been

filed with the secretary simultaneously with the filing of the license

application. Moneys may be withdrawn, from such account only upon the

certification of the secretary.

7. No license shall be granted to a person under the age of eighteen

or a corporation, limited liability company, partnership or association

whose principal shareholder, member or partner is under such age.