senate Bill S387

2011-2012 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - In Committee

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

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view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 12, 2012 committee discharged and committed to rules
Feb 21, 2012 notice of committee consideration - requested
Jan 04, 2012 referred to judiciary
Jan 05, 2011 referred to judiciary

S387 - Details

See Assembly Version of this Bill:
Current Committee:
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in 2009-2010 Legislative Session:
S7965, A6824A

S387 - 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.

S387 - Sponsor Memo

S387 - Bill Text download pdf

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


                       2011-2012 Regular Sessions

                            I N  S E N A T E


                             January 5, 2011

Introduced  by  Sen. KRUEGER -- 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 deposit accounts


  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
[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 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


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