N.Y. General Business Law 784 – Penalties and liabilities
§ 784. Penalties and liabilities. 1. Failure of the vendor to comply with any of the provisions of this article is a misappropriation of funds and action may be brought by the vendee against the vendor for the return of any moneys advanced. In addition, such vendor shall be liable for criminal action pursuant to the provisions of subdivision two of this section.
Terms Used In N.Y. General Business Law 784
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Home: means a new one or two family dwelling intended to be used primarily as a residence. See N.Y. General Business Law 780
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Vendee: means any individual or individuals who have contracted with a vendor for construction of a home on land not owned at the time of such agreement by such individual or individuals. See N.Y. General Business Law 780
- Vendor: means any person, firm, corporation, or association engaged in the business of erecting or constructing homes. See N.Y. General Business Law 780
2. Failure of the vendor to comply with any of the provisions of this article shall be deemed a misdemeanor.
3. Nothing in this article shall impair, limit or reduce the statutory, common law or contractual duties or liability of any vendor in the construction of a home nor shall these provisions apply to any local law or ordinance which requires the posting of public improvement bonds.