An Apartment Information Vendor is any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of a fee from a customer for furnishing 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.
An Apartment Sharing Agent means any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals as a private dwelling, abode or place of residence, but it shall not apply to any person who for another and for a fee, commission or other valuable consideration, supervises, organizes, arranges, coordinates, handles or is otherwise in charge of or responsible for the relocation of commercial or residential tenants from buildings or structures that are to be demolished, rehabilitated, remodeled or otherwise structurally altered.
Yes. Every applicant applying for licensure as an:
Apartment Information Vendor
must establish and maintain a special interest bearing account in the minimum amount of $5,000 in a branch of a national or state chartered banking institution having a place of business within the state, plus $2,500 for each licensed branch office. Additionally, an escrow account as prescribed by Title 19 NYCRR 190.2 must be submitted for approval.
Apartment Sharing Agent
must establish and maintain a special interest bearing account in the minimum amount of $2,500 in a branch of a national or state chartered banking institution having a place of business within the state, plus $1,250 for each licensed branch office.
In either case, the account must provide that moneys may not be withdrawn without the written consent of the Secretary of State.
Please Note: Monies will not be released until 6 months from the date of request.