NY Real Prop L § 446-C (2021)
2021 New York Laws RPP - Real Property Article 12-C - Apartment Information Vendors 446-C - Contracts; Fees; Reporting Procedures.

§  446-c.  Contracts;  fees;  reporting procedures. 1. Every apartment information vendor licensed under this article shall  furnish  customers with  a  contract prepared on a form approved by the secretary of state. Such contract shall include in plain language form a  statement  setting forth   the   sources   of   information  concerning  the  location  and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or  place of residence.   1-a.  Each  listing  of  real  property  furnished  by  the  apartment information vendor  shall  cite  the  source  of  information  for  each property  in plain language form, provided, however, that the failure to provide such information  shall  not  constitute  a  violation  of  this article  but shall be grounds for license suspension pursuant to section four hundred forty-six-e of this article.   2. No  apartment  information  vendor  shall  claim,  demand,  charge, receive,  collect  or contract for an advance fee from a customer except as set forth in subdivision five of this section. In no event shall  the fee charged to the customer or legal occupant exceed one month's rent.   3.  Notwithstanding  the above, an apartment information vendor may at any time accept a fee from the current legal occupant of  real  property including apartment housing available to share or sublet.   4.  Each  apartment  information  vendor shall file a quarterly report with the secretary containing such  information  as  the  secretary  may require.   5.  (a)  An  apartment  information  vendor  may  retain not more than fifteen dollars out of any advance fee for administrative services.  The balance of any advance fee shall be placed in an account similar to that required  by subdivision six of section four hundred forty-six-b of this article, except that it need not be interest  bearing  and  moneys  from such  account  may  be  withdrawn  as  provided in paragraph (b) of this subdivision. The balance of the advance fee shall  continue  to  be  the property of the person paying the advance fee and shall be held in trust by  the  apartment  information vendor. Such balance may be mingled with other moneys in such account and  any  interest  thereon  shall  be  the property  of the apartment information vendor.  Such vendor shall notify in writing each person paying an advance fee giving the name and address of the banking organization in which the advance fee is deposited.  (b) If the customer  pays  an  advance  fee,  the  contract  with  the apartment  information vendor shall contain a provision stating that the customer may, under the  circumstances  set  forth  in  this  paragraph, recover  his  advance  fee  less  the amount deducted for administrative services. The vendor shall be entitled to his fee when  a  customer  has leased or rented a private dwelling, abode or place of residence through the  information provided by the vendor.  Within ten days of the receipt by the apartment information vendor of written notice stating  that  the customer  paying  an  advance  fee  has  not  leased or rented a private dwelling, abode or place of residence through the  information  supplied by  the  vendor  and  does not intend to rent any such private dwelling, abode or place of residence, the vendor shall refund  the  advance  fee, less  the  fee for administrative services, to such customer. The vendor shall also be required to refund any  portion  of  the  advance  fee  in excess  of  one  month's  rent  to a customer who has leased or rented a private dwelling, abode or place of residence  through  the  information supplied by the vendor.  (c) Notwithstanding anything in this subdivision five to the contrary, if  the services to be rendered by the apartment information vendor to a particular customer relate exclusively to acting as an apartment sharing agent, the vendor may retain the full advance fee, whether  or  not  the  customer leases or rents a private dwelling, abode or place of residence through  the  information  provided by the vendor, and the provisions of paragraphs (a) and (b) of this subdivision five shall not be  applicable to such transaction.