Assembly Bill A1964

2025-2026 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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2025-A1964 (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: A4785
2021-2022: A440
2023-2024: A761

2025-A1964 (ACTIVE) - Summary

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

2025-A1964 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1964
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2025
                                ___________
 
 Introduced  by  M.  of  A.  ROSENTHAL,  SIMON,  HYNDMAN,  CRUZ,  COLTON,
   DE LOS SANTOS -- Multi-Sponsored by -- M.  of  A.  HEVESI,  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 SUCH TENANT'S 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.
                                                            LBD05231-01-5

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