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Senate Bill S1281

2011-2012 Legislative Session

Prohibits the collection of administration expenses by a landlord and provides for the tenant to collect all interest paid on a security deposit or advance

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2011-S1281 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd ยง7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3338
2013-2014: S514
2015-2016: S3036
2017-2018: S2374

2011-S1281 (ACTIVE) - Summary

Prohibits the collection of administration expenses by a landlord and provides for the tenant to collect all interest paid by the banking organization on a security deposit or advance when such is deposited into an interest bearing account.

2011-S1281 (ACTIVE) - Sponsor Memo

2011-S1281 (ACTIVE) - Bill Text download pdf 

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

                                  1281

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             January 6, 2011
                               ___________

Introduced  by  Sen.  DUANE  -- 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 tenant secu-
  rity deposits

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

  Section  1.  The section heading and subdivision 2 of section 7-103 of
the general obligations law, the section heading as amended  by  chapter
1009  of the laws of 1970 and subdivision 2 as amended by chapter 402 of
the laws of 1979, are amended to read as follows:
  Money deposited or advanced for use or rental of real property; waiver
void[; administration expenses].
  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.

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