(a) Any person entering into any such contract as the seller shall deposit into a merchandise trust fund, established for that purpose with a banking institution in the Commonwealth authorized to perform trust functions, as trustee of such fund, seventy percent of the retail sale price of the personal property or personal services so sold for future need.

(b) The deposit herein required to be made into such merchandise trust fund shall be made within thirty days after the end of the month in which the final payment of the purchase price provided for under such contract is received by the seller from the purchaser or otherwise. Prior to receipt by the seller of final payment of the purchase price provided for under any such contract, the seller, at the end of each month, shall deposit, in a special account in a banking institution properly identified as being for such purpose, all payments on account received under any such contract during the month and ensuing months commencing thereafter, after first deducting the percentage permitted to be retained by seller. Withdrawals from such special account shall be made by seller only for the purpose of transfer to the merchandise trust fund upon final payment of the purchase price by the purchaser under the contract.

(c) If, prior to final payment of the purchase price under the contract, the purchaser shall default in making payments on account thereof, the seller shall be entitled to retain as liquidated damages and withdraw from the special account thirty percent of the contract price, and shall refund to the purchaser the balance in the special account, if any.

(d) Each deposit into the merchandise trust fund shall be identified by the seller by furnishing the trustee with the name of the purchaser, the amount of the retail sales price and the percentage thereof herein required to be deposited, together with a statement of or a copy of the contract and the personal property and services to be furnished by the seller thereunder. Nothing herein contained shall prohibit the trustee from commingling the deposits in any such trust fund for purposes of the management thereof and the investment of funds therein.