Assembly Bill A4785

2019-2020 Legislative Session

Relates to permitting lessees the option to pay security deposits in installments

download bill text pdf

Sponsored By

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

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

2019-A4785 (ACTIVE) - Details

See Senate Version of this Bill:
S3026
Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2021-2022: A440, S3504
2023-2024: A761, S1773

2019-A4785 (ACTIVE) - Summary

Relates to permitting lessees the option to pay security deposits in six or fewer equal installments.

2019-A4785 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4785
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
   Committee on Judiciary
 
 AN ACT to amend the general obligations law, in relation  to  permitting
   lessees the option to pay security deposits in installments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 7-103 of the general obligations law is amended  by
 adding a new subdivision 2-c to read as follows:
   2-C.  FOR ANY DEPOSIT OR ADVANCE UNDER THIS SECTION, THE PERSON MAKING
 SUCH DEPOSIT OR ADVANCE SHALL HAVE THE OPTION TO  PAY  SUCH  DEPOSIT  OR
 ADVANCE IN INSTALLMENTS.
   (A)  SUCH  INSTALLMENTS  SHALL  BE DUE ON THE FIRST OF EACH SUBSEQUENT
 MONTH UNTIL THE DEPOSIT OR ADVANCE IS PAID IN FULL.
   (B) FOR LEASES UNDER THIS SECTION OF A TERM OF  ONE  YEAR  OR  LONGER,
 TENANTS  SHALL BE ALLOWED TO PAY NOT MORE THAN SIX CONSECUTIVE AND EQUAL
 INSTALLMENTS.
   (C) LANDLORDS SHALL NOT IMPOSE ANY ADDITIONAL FEES OR  INTEREST  ON  A
 TENANT  THAT  PAYS  HIS  OR  HER  SECURITY DEPOSIT OR ADVANCE UNDER THIS
 SUBDIVISION.
   (D) ANY AGREEMENT TO PAY A SECURITY DEPOSIT IN INSTALLMENTS  SHALL  BE
 INCLUDED  WITHIN  SUCH CONTRACT OR AGREEMENT AND SHALL SPECIFY THE TOTAL
 DEPOSIT AMOUNT DUE AND THE AMOUNT DUE FOR EACH INSTALLMENT.
   (E) THIS SUBDIVISION SHALL APPLY TO ANY DEPOSIT,  ADVANCE  OR  NON-RE-
 FUNDABLE FEE USED AS A DOWN PAYMENT FOR USE OF RENTAL PROPERTY.
   (F)  ANY  PERSON WHO VIOLATES THE PROVISIONS OF THIS SUBDIVISION SHALL
 BE PUNISHED BY A CIVIL FINE OF UP TO FIFTEEN PERCENT OF THE ANNUAL  RENT
 UNDER SUCH CONTRACT OR AGREEMENT.
   §  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06063-01-9

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.