Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to judiciary |
Feb 27, 2015 |
referred to judiciary |
Assembly Bill A5594
2015-2016 Legislative Session
Sponsored By
SEPULVEDA
Archive: Last Bill Status - In Assembly 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
co-Sponsors
Deborah Glick
Earlene Hooper
Annette Robinson
Phil Steck
multi-Sponsors
Patricia Fahy
Richard Gottfried
Walter T. Mosley
N. Nick Perry
2015-A5594 (ACTIVE) - Details
2015-A5594 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5594 2015-2016 Regular Sessions I N A S S E M B L Y February 27, 2015 ___________ Introduced by M. of A. SEPULVEDA, GLICK, HOOPER, ROBINSON, STECK -- Multi-Sponsored by -- M. of A. FAHY, GOTTFRIED, MOSLEY, PERRY, RIVERA -- read once and referred 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
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