Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 08, 2016 |
ordered to third reading rules cal.105 rules report cal.105 |
Jun 07, 2016 |
reported |
Jun 02, 2016 |
reported referred to rules |
May 23, 2016 |
referred to judiciary |
Assembly Bill A10359
2015-2016 Legislative Session
Sponsored By
WALKER
Archive: Last Bill Status - On Floor Calendar
- 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
co-Sponsors
Helene Weinstein
2015-A10359 (ACTIVE) - Details
- See Senate Version of this Bill:
- S2815
- Law Section:
- General Obligations Law
- Laws Affected:
- Amd ยง7-103, Gen Ob L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
A6824, S7965
2011-2012: A635, S387
2013-2014: A858, S3183
2017-2018: A6254, S3311
2019-2020: A5200
2021-2022: A4396
2023-2024: A1255
2015-A10359 (ACTIVE) - Summary
Provides that a landlord depositing security deposits in an interest bearing account shall be entitled to receive as administration expenses a sum equivalent to 20 percent of the interest earned by such security money per annum, but not to exceed one percent per annum of the money so deposited.
2015-A10359 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10359 I N A S S E M B L Y May 23, 2016 ___________ Introduced by M. of A. WALKER, WEINSTEIN -- read once and referred to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to tenant secu- rity deposit accounts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 7-103 of the general obligations law, as amended by chapter 402 of the laws of 1979, is amended to read as follows: 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] SUCH PERSON shall be entitled to receive, as administration expenses, a sum equivalent to TWENTY PERCENT OF THE INTEREST EARNED BY SUCH SECURITY MONEY PER ANNUM, BUT NO MORE THAN one [per cent] PERCENT per annum [upon] OF 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. LBD00116-01-5
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.