New York § 740 - 740Escrow required for advance payments
Full text of New York New York Consolidated Laws § 740 — 740Escrow required for advance payments, with citation guidance and answers to common questions.
§ 740. 740Escrow 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.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 740
What does New York Consolidated Laws § 740 cover?
Section 740 ("740Escrow required for advance payments") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 740?
A common citation format is "New York Consolidated Laws § 740" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 740 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.