There is a newer version
of
the New York Laws
2017 New York Laws
GBS - General Business
Article 37 - Deposits on Construction of New Homes
782 - Alternative to Posting Bond.
Universal Citation: NY Gen Bus L § 782 (2017)
782. Alternative to posting bond. In lieu of posting a bond as provided in this article, the vendor shall place the deposit or deposits paid to him by the vendee in an interest bearing escrow account with a bank as defined in the banking law within five business days after receipt of such deposit or deposits. Such deposit or deposits together with interest accumulated thereon shall remain the property of the vendee, except as otherwise provided herein.
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