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Senate Bill S4605

2009-2010 Legislative Session

Requires landlords to pay interest on all money of tenants of commercial property held as a security deposit

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2009-S4605 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L

2009-S4605 (ACTIVE) - Summary

Requires landlords to pay interest on all money of tenants of commercial property held by such landlords as a security deposit, subject to the same conditions applicable to money of tenants held by landlords as a security deposit on residential property containing six or more family dwelling units.

2009-S4605 (ACTIVE) - Sponsor Memo

2009-S4605 (ACTIVE) - Bill Text download pdf 

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

                                  4605

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 24, 2009
                               ___________

Introduced by Sens. ONORATO, DILAN, HASSELL-THOMPSON, C. JOHNSON, KLEIN,
  KRUEGER,  PARKER,  PERKINS,  SCHNEIDERMAN,  STAVISKY, THOMPSON -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Judiciary

AN  ACT  to  amend the general obligations law, in relation to requiring
  interest to be paid on security deposits for the lease  or  rental  of
  commercial property

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.   Subdivision 2-a of section 7-103  of  the  general  obli-
gations  law,  as amended by chapter 402 of the laws of 1979, is amended
to read as follows:
  2-a.  Whenever the money so deposited or advanced is for the rental of
property (A) containing six or more family dwelling units  OR  (B)  USED
FOR  ANY  COMMERCIAL  PURPOSE,  the  person  receiving such money shall,
subject to the provisions of this section, deposit  it  in  an  interest
bearing account in a banking organization within the state which account
shall  earn interest at a rate which shall be the prevailing rate earned
by other such deposits made with banking organizations in such area.
  S 2. This act shall take effect on the first of October 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.
                                                           LBD03643-01-9

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