Assembly Bill A262

2015-2016 Legislative Session

Relates to tenant security deposit accounts and administrative expenses to which a person may be entitled

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken

  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2015-A262 (ACTIVE) - Details

See other versions of this Bill:
A10359 ,
S2815 ,
Law Section:
General Obligations Law
Laws Affected:
Amd ยง7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6824
2011-2012: A635
2013-2014: A858
2017-2018: A6254
2019-2020: A5200
2021-2022: A4396
2023-2024: A1255

2015-A262 (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-A262 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   262

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced by M. of A. WEINSTEIN, GOTTFRIED, DINOWITZ -- Multi-Sponsored
  by  --  M.  of A.   GALEF, GLICK, JAFFEE, ORTIZ, PERRY, WRIGHT -- 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.

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.