Assembly Bill A871

2023-2024 Legislative Session

Relates to a cap on security deposits for residential leases of one year or longer

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-A871 (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:
2019-2020: A5044
2021-2022: A3616

2023-A871 (ACTIVE) - Summary

Relates to a cap on security deposits for residential leases of at least one year to the equivalent of one-month's rent under the lease.

2023-A871 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    871
 
                        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, COLTON, CRUZ --
   Multi-Sponsored  by  -- M. of A. MANKTELOW, McDONOUGH -- read once and
   referred to the Committee on Judiciary
 
 AN ACT to amend the general obligations law, in relation  to  a  cap  on
   security deposits for residential leases of one year or longer

   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.  (A)  FOR ALL CONTRACTS UNDER THIS SECTION OF ONE YEAR OR LONGER,
 ANY DEPOSIT OR ADVANCE SHALL NOT EXCEED THE AMOUNT OF ONE  MONTH'S  RENT
 UNDER SUCH CONTRACT.
   (B)  ANY  ADDITIONAL MOVE-IN FEES, INCLUDING FEES FOR COMMON HOUSEHOLD
 PETS, BACKGROUND CHECKS OR CREDIT CHECKS, SHALL BE INCLUDED  WITHIN  THE
 DOLLAR  AMOUNT  REQUIRED  BY  PARAGRAPH (A) OF THIS SUBDIVISION.  IF THE
 LANDLORD REQUESTS A DEPOSIT FOR THE RESIDING OF A COMMON  HOUSEHOLD  PET
 FROM  THE  TENANT,  SUCH FEE SHALL NOT EXCEED TWENTY-FIVE PERCENT OF THE
 TOTAL DEPOSIT OR ADVANCE.  ANY OTHER MOVE-IN FEE SHALL  NOT  EXCEED  TEN
 PERCENT OF THE TOTAL DEPOSIT OR ADVANCE.
   (C) ALL FEES UNDER THIS SECTION, EXCEPT FEES FOR BACKGROUND CHECKS AND
 CREDIT CHECKS, SHALL BE REFUNDABLE TO THE TENANT. THE PORTION OF ANY FEE
 COLLECTED BY THE LANDLORD FOR A TENANT'S COMMON HOUSEHOLD PET SHALL ONLY
 BE RETAINED BY THE LANDLORD AFTER THE TENANT HAS VACATED THE PREMISES IF
 SUCH  MONEY IS USED FOR CLEANING OR TO REPAIR DAMAGES CAUSED DIRECTLY BY
 SUCH PET.
   (D) 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.
   § 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.
                                                            LBD01281-01-3

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