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Assembly Bill A4780

2019-2020 Legislative Session

Relates to limiting the amount of a security deposit on rental property

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Archive: Last Bill Status - In Assembly Committee

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2019-A4780 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L; amd §233, RP L

2019-A4780 (ACTIVE) - Summary

Limits the amount of a security deposit on rental property to one month's rent.

2019-A4780 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4780
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced by M. of A. MOSLEY -- read once and referred to the Committee
   on Judiciary
 
 AN  ACT  to amend the general obligations law and the real property law,
   in relation to limiting the amount of a  security  deposit  on  rental
   property
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 7-103 of the  general  obligations
 law,  as amended by chapter 1009 of the laws of 1970, is amended to read
 as follows
   1.(A) Whenever money shall be deposited or advanced on a  contract  or
 license agreement for the use or rental of real property as security for
 performance  of  the  contract or agreement or to be applied to payments
 upon such contract or agreement when  due,  such  money,  with  interest
 accruing  thereon, if any, until repaid or so applied, shall continue to
 be the money of the person making such deposit or advance and  shall  be
 held  in  trust by the person with whom such deposit or advance shall be
 made and shall not be mingled with the  personal  moneys  or  become  an
 asset  of  the  person  receiving  the  same,  but may be disposed of as
 provided in section 7-105 of this chapter.
   (B) NO PERSON SHALL REQUIRE A DEPOSIT OR ADVANCE,  PURSUANT  TO  PARA-
 GRAPH  (A) OF THIS SUBDIVISION, IN AN AMOUNT GREATER THAN THE EQUIVALENT
 OF ONE MONTH'S RENT.
   § 2. Subparagraph (a) of paragraph 4 of subdivision g of  section  233
 of the real property law, as amended by chapter 566 of the laws of 1996,
 is amended to read as follows:
   (a) (I) Whenever money shall be deposited or advanced on a contract or
 license agreement for the use or rental of premises and the manufactured
 home, if rented, in a manufactured home park as security for performance
 of  the  contract  or  agreement  or to be applied to payments upon such
 contract or agreement when due, such money with interest accruing there-

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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