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Assembly Bill A10359

2015-2016 Legislative Session

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

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Archive: Last Bill Status - On Floor Calendar

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2015-A10359 (ACTIVE) - Details

See Senate Version of this Bill:
S2815
Law Section:
General Obligations Law
Laws Affected:
Amd ยง7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6824, S7965
2011-2012: A635, S387
2013-2014: A858, S3183
2017-2018: A6254, S3311
2019-2020: A5200
2021-2022: A4396
2023-2024: A1255
2025-2026: A6696

2015-A10359 (ACTIVE) - 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.

2015-A10359 (ACTIVE) - Bill Text download pdf 

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

                                  10359

                          I N  A S S E M B L Y

                              May 23, 2016
                               ___________

Introduced  by  M.  of A. WALKER, WEINSTEIN -- read once and referred 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.
                                                           LBD00116-01-5

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