assembly Bill A5044

2019-2020 Legislative Session

Relates to a cap on security deposits for residential leases of one year or longer

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Archive: Last Bill Status - In Assembly Committee

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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to judiciary
Feb 06, 2019 referred to judiciary

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A5044 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2021-2022: A3616
2023-2024: A871

A5044 (ACTIVE) - Summary

Relates to a cap on security deposits for residential leases of at least one year to the equivalent of one-month's rent under the lease.

A5044 (ACTIVE) - Bill Text download pdf 


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

                                  5044

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            February 6, 2019
                               ___________

Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
  Committee on Judiciary

AN ACT to amend the general obligations law, in relation  to  a  cap  on
  security deposits for residential leases of one year or longer

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

  Section 1. Section 7-103 of the general obligations law is amended  by
adding a new subdivision 2-c to read as follows:
  2-C.  (A)  FOR ALL CONTRACTS UNDER THIS SECTION OF ONE YEAR OR LONGER,
ANY DEPOSIT OR ADVANCE SHALL NOT EXCEED THE AMOUNT OF ONE  MONTH'S  RENT
UNDER SUCH CONTRACT.
  (B)  ANY  ADDITIONAL MOVE-IN FEES, INCLUDING FEES FOR COMMON HOUSEHOLD
PETS, BACKGROUND CHECKS OR CREDIT CHECKS, SHALL BE INCLUDED  WITHIN  THE
DOLLAR  AMOUNT  REQUIRED  BY  PARAGRAPH (A) OF THIS SUBDIVISION.  IF THE
LANDLORD REQUESTS A DEPOSIT FOR THE RESIDING OF A COMMON  HOUSEHOLD  PET
FROM  THE  TENANT,  SUCH FEE SHALL NOT EXCEED TWENTY-FIVE PERCENT OF THE
TOTAL DEPOSIT OR ADVANCE.  ANY OTHER MOVE-IN FEE SHALL  NOT  EXCEED  TEN
PERCENT OF THE TOTAL DEPOSIT OR ADVANCE.
  (C) ALL FEES UNDER THIS SECTION, EXCEPT FEES FOR BACKGROUND CHECKS AND
CREDIT CHECKS, SHALL BE REFUNDABLE TO THE TENANT. THE PORTION OF ANY FEE
COLLECTED BY THE LANDLORD FOR A TENANT'S COMMON HOUSEHOLD PET SHALL ONLY
BE RETAINED BY THE LANDLORD AFTER THE TENANT HAS VACATED THE PREMISES IF
SUCH  MONEY IS USED FOR CLEANING OR TO REPAIR DAMAGES CAUSED DIRECTLY BY
SUCH PET.
  (D) ANY PERSON WHO VIOLATES THE PROVISIONS OF THIS  SUBDIVISION  SHALL
BE  PUNISHED BY A CIVIL FINE OF UP TO FIFTEEN PERCENT OF THE ANNUAL RENT
UNDER SUCH CONTRACT.
  § 2. This act shall take effect on the sixtieth  day  after  it  shall
have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00541-01-9