Assembly Bill A1255

2023-2024 Legislative Session

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

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Current 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

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2023-A1255 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6824
2011-2012: A635
2013-2014: A858
2015-2016: A262, A10359
2017-2018: A6254
2019-2020: A5200
2021-2022: A4396

2023-A1255 (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.

2023-A1255 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1255
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2023
                                ___________
 
 Introduced  by M. of A. WALKER, EPSTEIN -- 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.
   §  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.
                                                            LBD04571-01-3

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