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Senate Bill S3204

2009-2010 Legislative Session

Eliminates a landlord's entitlement to one percent of the interest upon the security money of a tenant

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2009-S3204 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd ยง7-103, Gen Ob L
Versions Introduced in 2011-2012 Legislative Session:
S272

2009-S3204 (ACTIVE) - Summary

Eliminates a landlord's entitlement to one percent of the interest upon the security money of a tenant.

2009-S3204 (ACTIVE) - Sponsor Memo

2009-S3204 (ACTIVE) - Bill Text download pdf 

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

                                  3204

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 12, 2009
                               ___________

Introduced  by  Sens. MAZIARZ, VOLKER -- read twice and ordered printed,
  and when printed to be committed to the Committee on Judiciary

AN ACT to amend general obligations law, in relation to money  deposited
  or advanced for use or rental of real property

  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  shall  be entitled to receive, as administration
expenses, a sum equivalent to one per cent per annum upon  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.
  S 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.
                                                           LBD06140-01-9

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