New York General Business Law Article 37 - DEPOSITS ON CONSTRUCTION OF NEW HOMES

• 779 - Applicability.
  Any municipality is hereby authorized to adopt the provisions of this article provided such municipality, after a public hearing, adopts a local law or ordinance...
• 780 - Definitions.
  When used in this article, the following terms, unless the context requires otherwise, shall have the following meanings. 1. "Vendee" means any individual or individuals...
• 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,...
• 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...
• 783 - Disposition of Security.
  1. Upon transfer of title of the home to the vendee the bond posted pursuant to this article shall be released, and any funds held...
• 784 - Penalties and Liabilities.
  1. Failure of the vendor to comply with any of the provisions of this article is a misappropriation of funds and action may be brought...
• 785 - Waiver Prohibited.
  Any agreement entered into by a vendee which waives, limits or disclaims the rights or obligations set forth in this article shall be void as...

Last modified: February 3, 2019