NY Arts & Cult Aff L § 23.08 (2021)
2021 New York Laws ACA - Arts and Cultural Affairs Title F - Theatrical Syndication Financing Article 23 - Regulation of Theatrical Syndication Financing 23.08 - Proceeds From Advance Ticket Sales; Refunds.

§ 23.08. Proceeds  from  advance  ticket sales; refunds. 1. Any ticket   distributor who offers or sells to the public in or from  the  state  of   New York, advance tickets of admission to events to be held in places of   entertainment,  or who contracts for the sale of such advance tickets of   admission, and accepts  in  advance  partial  or  full  payment  of  the   purchase  price  therefor,  shall,  no  later than the next business day   after receipt thereof, deposit all such advance payments  in  an  escrow   account  in  a  bank,  trust  company, savings bank, or state or federal   savings and loan association, located in this state. A  separate  escrow   account  shall  be  established  for each place of entertainment. Monies   deposited in escrow shall be released upon performance of each event for   which such monies have been deposited to the  extent  that  such  monies   represent payment for advance tickets sold for the performed event.  The   person who offers or sells advance tickets shall not be required to keep   in  separate  depository  accounts  the  funds  of  the  separate ticket   purchasers from whom payments have been received, provided his books  of   account  shall clearly show the number of tickets sold at each price for   each theatrical production,  concert  or  sporting  event  for  which  a   separate  escrow  account  has been established, and the total amount of   advance ticket revenues. Each advance ticket purchaser shall, until  the   performance  of  the  event  for  which  the  advance  ticket  has  been   purchased, retain a property interest in that  portion  of  the  deposit   which  equals  the amount he has paid for such advance ticket, and shall   be entitled to a refund for such amount if the performance of the  event   for  which  such ticket has been purchased in advance has been cancelled   or rescheduled, except as provided for  by  subdivision  three  of  this   section.2.  In  lieu  of the deposit of all such advance payments in an escrow   account as provided in subdivision  one  of  this  section,  any  ticket   distributor  who  offers  or  sells  advance  tickets  may post with the   secretary of state in a form, substance and amount satisfactory  to  the   attorney  general,  a  letter  of credit drawn on a bank, trust company,   savings bank, or state or federal savings and loan association,  located   in  this  state,  or a bond or contract of indemnity, issued by a surety   company licensed to execute such  an  instrument  in  this  state,  such   letter  of  credit,  bond or contract of indemnity to be in favor of the   state for the benefit of any person who has purchased an advance  ticket   if performance of the event for which such ticket has been purchased has   been  cancelled  or  rescheduled,  except as provided for by subdivision   three of this section. The amount of the escrow account required  to  be   established  under subdivision one of this section may be reduced by the   amount of the letter of credit, bond or contract of  indemnity  provided   for  in this subdivision provided that the combined amount of money held   in such escrow account and the value of such letter of credit,  bond  or   contract of indemnity shall at all times at least be equal to the amount   of  money  collected from advance ticket sales for all events to be held   at each place of entertainment.3. The refund provisions of subdivisions one and two of  this  section   shall  not  apply  where (i) there was no material change in the time of   the performance of the event or in the location at which the  event  was   held;  (ii)  the performance of such event was rescheduled due to an Act   of God, war, riot or other catastrophe as to which negligence or willful   misconduct on the part of the ticket distributor  who  offered  or  sold   such  advance  tickets was not the proximate cause and where the advance   ticket purchaser was given the right to use his or her ticket  for  such   rescheduled  performance  or  the  right  to  exchange such ticket for a   ticket comparable in price and location to another,  similar  event;  or   (iii)   the  back  of  the  ticket  conspicuously  states  that  if  the    performance is cancelled or rescheduled, the  ticket  distributor  shall   not  be  required  to refund the ticket price if the ticket purchaser is   given the right, within twelve months of the originally  scheduled  date   of  the  performance,  to  attend  a rescheduled performance of the same   event or to exchange such ticket for a ticket comparable  in  price  and   location to another, similar event.