NY S03247

Licensed or registered child day care providers who collect advance security deposits exceeding the cost of two weeks of child care services must deposit the excess amount into an escrow account separate from the provider's personal assets.

Escrow deposits cannot be mingled with or become an asset of the day care provider.

Before terminating services, providers must either provide child care services equal to the security deposit value, return the excess deposit plus accrued interest, or return the total deposit plus accrued interest on the excess amount.

The act takes effect sixty days after becoming law.