Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 06, 2010 |
referred to judiciary |
Mar 16, 2009 |
referred to judiciary |
Senate Bill S3338
2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S3338 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- General Obligations Law
- Laws Affected:
- Amd ยง7-103, Gen Ob L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S1281
2013-2014: S514
2015-2016: S3036
2017-2018: S2374
2009-S3338 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3338 TITLE OF BILL : An act to amend the general obligations law, in relation to tenant security deposits PURPOSE : Prohibits the collection of administration expenses by a landlord and provides for the tenant to collect all interest paid on a security deposit or advance. SUMMARY OF PROVISIONS : Section 1 of the bill amends section 7-103 of the general obligations law to remove the ability of a landlord to collect administration expenses on a tenant's security deposit and allows for a tenant to collect on all interest paid on the security deposit. EXISTING LAW : Currently a landlord is allowed to collect, as "administration expenses" a sum equivalent to one per cent per annum upon a tenant's security deposit.
2009-S3338 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3338 2009-2010 Regular Sessions I N S E N A T E March 16, 2009 ___________ Introduced by Sen. DUANE -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to tenant secu- rity deposits THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The section heading and subdivision 2 of section 7-103 of the general obligations law, the section heading as amended by chapter 1009 of the laws of 1970 and subdivision 2 as amended by chapter 402 of the laws of 1979, are amended to read as follows: Money deposited or advanced for use or rental of real property; waiver void[; administration expenses]. 2. Whenever the person receiving money so deposited or advanced shall deposit such money in a banking organization, such person shall thereup- on notify in writing each of the persons making such security deposit or advance, giving the name and address of the banking organization in which the deposit of security money is made, and the amount of such deposit. Deposits in a banking organization pursuant to the provisions of this subdivision shall be made in a banking organization having a place of business within the state. If the person depositing such secu- rity money in a banking organization shall deposit same in an interest bearing account,[ he shall be entitled to receive, as administration expenses, a sum equivalent to one per cent per annum upon the security money so deposited, which shall be in lieu of all other administrative and custodial expenses. The balance of] the interest paid by the banking organization shall be the money of the person making the deposit or advance and shall either be held in trust by the person with whom such deposit or advance shall be made, until repaid or applied for the use or rental of the leased premises, or annually paid to the person making the deposit of security money. S 2. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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