2023 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such  account  may  be  withdrawn  as  provided in paragraph (b) of this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.