NY Gen Bus L § 657 (2021)
2021 New York Laws GBS - General Business Article 31 - Membership Campgrounds 657 - Escrow.

§  657.  Escrow.  1.  All monies, except dues, paid under a membership   camping contract that is  sold  under  a  representation  that  a  major   capital improvement shall be constructed shall be placed in escrow.2.  All  such funds received by a membership campground operator shall   be kept and maintained in an interest bearing account separate and apart   from any account maintained by or for the operator's personal use or the   use and the construction or operation  of  the  campground  or  for  the   payment or benefit of employees of the campground.3.  The escrow account shall be established in a bank or trust company   doing business in the state of New York.4. The escrow account shall provide that the purpose of the account is   to protect the purchaser  in  the  event  that  the  operator  fails  to   substantially  complete  and  make  available  for use the major capital   improvement within one year following establishment of the account.5. Any purchaser who has advanced monies  on  deposit  in  the  escrow   account  may maintain a representative action pursuant to the provisions   of the civil practice law and rules to close  the  account  and  release   such  monies  and  interest,  pro  rata,  to  all  purchasers  similarly   situated, if the major capital improvement has  not  been  substantially   completed   and   made   available  for  use  within  one  year  of  the   establishment of the account or if the purchaser has not  had  the  full   use of another similar facility during such period.6.  So  long  as  any  such  escrow account shall remain in existence,   within five business days of a request therefor, a monthly statement  of   the  escrow  account  is  to  be  furnished  to  all purchasers who have   advanced funds which are held in the account,  provided  that  only  one   such statement need be given each month.7.  The  escrow account shall provide that funds deposited therein may   be withdrawn by the membership campground operator upon  the  completion   of the proposed construction in the following manner:a.  One-third  of  the  funds  may  be  distributed  to the membership   campground  operator  upon  completion  of  one-half  of  the   proposed   construction;b.  Two-thirds  of  the  fund  may  be  released  upon  completion  of   three-fourths of the proposed construction; andc. The balance of the fund may be distributed upon completion  of  all   of the proposed construction.8.  The  escrow  agent  may  accept  as  evidence  of  partial or full   completion of such major capital improvement, the certification  by  any   architect  or  engineer  licensed  pursuant  to  the  provisions  of the   education law or the laws of  the  state  in  which  the  campground  is   located, that the proposed construction has been completed in accordance   with the plans and specifications.9.  The  escrow  account  shall be released by the escrow agent to the   membership campground operator  not  more  than  thirty  days  following   completion  of  instruction  and the submission to the escrow agent of a   certification  from  an  architect  or  engineer  that  construction  is   complete.10. In lieu of making such deposit of monies in escrow, the membership   campground operator may post a bond or contract of indemnity issued by a   surety company licensed to execute such an instrument, or an irrevocable   letter  of  credit  issued  by a bank to guarantee the completion of the   major capital improvement.