Assembly Bill A761

2023-2024 Legislative Session

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

download bill text pdf

Sponsored By

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-A761 (ACTIVE) - Details

See Senate Version of this Bill:
S1773
Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2019-2020: A4785, S3026
2021-2022: A440, S3504

2023-A761 (ACTIVE) - Summary

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

2023-A761 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    761
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced  by M. of A. L. ROSENTHAL, SIMON, JEAN-PIERRE, HYNDMAN, CRUZ,
   COLTON, DARLING, DE LOS SANTOS -- Multi-Sponsored by -- M. of A. HEVE-
   SI, MANKTELOW, McDONOUGH -- 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.
                                                            LBD00699-01-3

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