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2014 New York Laws
GBS - General Business
Article 37 - (779 - 785) DEPOSITS ON CONSTRUCTION OF NEW HOMES
781 - Security to be furnished by vendor.

NY Gen Bus L § 781 (2014) What's This?
 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.

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