Section 740. Escrow required for advance payments

All monies paid by a
  consumer  to  an  automobile  broker  business  in  connection  with   a
  transaction  covered  by  this  article  shall  be  trust  funds  in the
  possession of such automobile broker business and shall be deposited  by
  it  within  five  days after receipt thereof, in an account in a banking
  organization within the state.  The  automobile  broker  business  shall
  thereupon notify in writing the consumer, giving the name and address of
  the  banking  organization and the amount deposited. The monies shall be
  held on deposit until fully applied to the contract price  at  the  time
  the  automobile  is  delivered  to the consumer, unless sooner repaid in
  accordance with the provisions of this article.