senate Bill S3183

2013-2014 Legislative Session

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

download bill text pdf

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

do you support this bill?

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to judiciary
Jan 31, 2013 referred to judiciary

Co-Sponsors

S3183 - Details

See Assembly Version of this Bill:
A858
Current Committee:
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S387, A635
2009-2010: S7965, A6824A

S3183 - 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.

S3183 - Sponsor Memo

S3183 - Bill Text download pdf

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

                                  3183

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 31, 2013
                               ___________

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

  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
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.
                                                           LBD01002-01-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.