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Assembly Bill A4396

2021-2022 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 - In Senate Committee Judiciary Committee

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2021-A4396 (ACTIVE) - Details

Current Committee:
Senate 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
2019-2020: A5200
2023-2024: A1255
2025-2026: A6696

2021-A4396 (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.

2021-A4396 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4396
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 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
 
   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.
   § 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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