assembly Bill A6824A

2009-2010 Legislative Session

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

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Archive: Last Bill Status - Passed Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (19)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 07, 2010 recommitted to judiciary
returned to senate
repassed assembly
May 25, 2010 amended on third reading 6824a
May 25, 2010 vote reconsidered - restored to third reading
returned to assembly
recalled from senate
Mar 04, 2010 referred to judiciary
delivered to senate
passed assembly
Jan 06, 2010 ordered to third reading cal.454
returned to assembly
died in senate
May 04, 2009 referred to judiciary
delivered to senate
passed assembly
Apr 23, 2009 advanced to third reading cal.404
Apr 20, 2009 reported
Mar 12, 2009 referred to judiciary

A6824 - Details

See Senate Version of this Bill:
S7965
Current Committee:
Senate Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2011-2012: A635, S387
2013-2014: A858, S3183
2015-2016: A262, A10359, S2815
2017-2018: A6254, S3311
2019-2020: A5200

A6824 - 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.

A6824 - Sponsor Memo

A6824 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6824

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 12, 2009
                               ___________

Introduced by M. of A. WEINSTEIN, ROSENTHAL, REILLY, KELLNER, GOTTFRIED,
  DINOWITZ  --  Multi-Sponsored  by  --  M. of A. BOYLAND, COLTON, COOK,
  FARRELL, GALEF, GLICK,  GREENE,  HOOPER,  JAFFEE,  V. LOPEZ,  MILLMAN,
  ORTIZ,  PHEFFER, TOWNS, WRIGHT, ZEBROWSKI -- 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 OR SHE shall be entitled  to  receive,  as  adminis-
tration  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  prem-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09506-01-9

A6824A (ACTIVE) - Details

See Senate Version of this Bill:
S7965
Current Committee:
Senate Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2011-2012: A635, S387
2013-2014: A858, S3183
2015-2016: A262, A10359, S2815
2017-2018: A6254, S3311
2019-2020: A5200

A6824A (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.

A6824A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6824--A
                                                        Cal. No. 454

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 12, 2009
                               ___________

Introduced by M. of A. WEINSTEIN, ROSENTHAL, REILLY, KELLNER, GOTTFRIED,
  DINOWITZ  --  Multi-Sponsored  by  --  M. of A. BOYLAND, COLTON, COOK,
  FARRELL, GALEF, GLICK, HOOPER, JAFFEE, V. LOPEZ, MILLMAN, ORTIZ, PHEF-
  FER, TOWNS, WRIGHT, ZEBROWSKI -- read once and referred to the Commit-
  tee on Judiciary -- reported from committee, advanced to a third read-
  ing, amended and ordered reprinted, retaining its place on  the  order
  of third reading

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

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

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