assembly Bill A5200

2019-2020 Legislative Session

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

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Current 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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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to judiciary
Feb 07, 2019 referred to judiciary


A5200 (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:
2009-2010: A6824
2011-2012: A635
2013-2014: A858
2015-2016: A262, A10359
2017-2018: A6254

A5200 (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.

A5200 (ACTIVE) - Bill Text download pdf

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


                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            February 7, 2019

Introduced by M. of A. WALKER -- 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


  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.
  § 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.


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