N.Y. ACA Law § 23.08 — New York Code / Act ACA / Title F / Article 23 / Section 23.08
Proceeds from advance ticket sales; refunds
Status: in_force

§ 23.08. Proceeds from advance ticket sales; refunds. 1. Any ticket\ndistributor who offers or sells to the public in or from the state of\nNew York, advance tickets of admission to events to be held in places of\nentertainment, or who contracts for the sale of such advance tickets of\nadmission, and accepts in advance partial or full payment of the\npurchase price therefor, shall, no later than the next business day\nafter receipt thereof, deposit all such advance payments in an escrow\naccount in a bank, trust company, savings bank, or state or federal\nsavings and loan association, located in this state. A separate escrow\naccount shall be established for each place of entertainment. Monies\ndeposited in escrow shall be released upon performance of each event for\nwhich such monies have been deposited to the extent that such monies\nrepresent payment for advance tickets sold for the performed event.  The\nperson who offers or sells advance tickets shall not be required to keep\nin separate depository accounts the funds of the separate ticket\npurchasers from whom payments have been received, provided his books of\naccount shall clearly show the number of tickets sold at each price for\neach theatrical production, concert or sporting event for which a\nseparate escrow account has been established, and the total amount of\nadvance ticket revenues. Each advance ticket purchaser shall, until the\nperformance of the event for which the advance ticket has been\npurchased, retain a property interest in that portion of the deposit\nwhich equals the amount he has paid for such advance ticket, and shall\nbe entitled to a refund for such amount if the performance of the event\nfor which such ticket has been purchased in advance has been cancelled\nor rescheduled, except as provided for by subdivision three of this\nsection.\n  2. In lieu of the deposit of all such advance payments in an escrow\naccount as provided in subdivision one of this section, any ticket\ndistributor who offers or sells advance tickets may post with the\nsecretary of state in a form, substance and amount satisfactory to the\nattorney general, a letter of credit drawn on a bank, trust company,\nsavings bank, or state or federal savings and loan association, located\nin this state, or a bond or contract of indemnity, issued by a surety\ncompany licensed to execute such an instrument in this state, such\nletter of credit, bond or contract of indemnity to be in favor of the\nstate for the benefit of any person who has purchased an advance ticket\nif performance of the event for which such ticket has been purchased has\nbeen cancelled or rescheduled, except as provided for by subdivision\nthree of this section. The amount of the escrow account required to be\nestablished under subdivision one of this section may be reduced by the\namount of the letter of credit, bond or contract of indemnity provided\nfor in this subdivision provided that the combined amount of money held\nin such escrow account and the value of such letter of credit, bond or\ncontract of indemnity shall at all times at least be equal to the amount\nof money collected from advance ticket sales for all events to be held\nat each place of entertainment.\n  3. The refund provisions of subdivisions one and two of this section\nshall not apply where (i) there was no material change in the time of\nthe performance of the event or in the location at which the event was\nheld; (ii) the performance of such event was rescheduled due to an Act\nof God, war, riot or other catastrophe as to which negligence or willful\nmisconduct on the part of the ticket distributor who offered or sold\nsuch advance tickets was not the proximate cause and where the advance\nticket purchaser was given the right to use his or her ticket for such\nrescheduled performance or the right to exchange such ticket for a\nticket comparable in price and location to another, similar event; or\n(iii) the back of the ticket conspicuously states that if the\nperformance is cancelled or rescheduled, the ticket distributor shall\nnot be required to refund the ticket price if the ticket purchaser is\ngiven the right, within twelve months of the originally scheduled date\nof the performance, to attend a rescheduled performance of the same\nevent or to exchange such ticket for a ticket comparable in price and\nlocation to another, similar event.\n