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Assembly Bill A440

2021-2022 Legislative Session

Relates to permitting lessees the option to pay security deposits in installments

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Archive: Last Bill Status - In Assembly Committee

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2021-A440 (ACTIVE) - Details

See Senate Version of this Bill:
S3504
Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2019-2020: A4785, S3026
2023-2024: A761, S1773
2025-2026: A1964, S3164

2021-A440 (ACTIVE) - Summary

Relates to permitting lessees the option to pay security deposits in six or fewer equal installments.

2021-A440 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    440
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL, DE LA ROSA, SIMON, JEAN-PIERRE,
   PICHARDO,  GOTTFRIED,  HYNDMAN,  CRUZ,  COLTON,  DARLING,  FRONTUS  --
   Multi-Sponsored  by  --  M. of A. HEVESI, MANKTELOW, McDONOUGH -- read
   once and referred to the Committee on Judiciary

 AN ACT to amend the general obligations law, in relation  to  permitting
   lessees the option to pay security deposits in installments
 
   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.  FOR ANY DEPOSIT OR ADVANCE UNDER THIS SECTION, THE PERSON MAKING
 SUCH DEPOSIT OR ADVANCE SHALL HAVE THE OPTION TO  PAY  SUCH  DEPOSIT  OR
 ADVANCE IN INSTALLMENTS.
   (A)  SUCH  INSTALLMENTS  SHALL  BE DUE ON THE FIRST OF EACH SUBSEQUENT
 MONTH UNTIL THE DEPOSIT OR ADVANCE IS PAID IN FULL.
   (B) FOR LEASES UNDER THIS SECTION OF A TERM OF  ONE  YEAR  OR  LONGER,
 TENANTS  SHALL BE ALLOWED TO PAY NOT MORE THAN SIX CONSECUTIVE AND EQUAL
 INSTALLMENTS.
   (C) LANDLORDS SHALL NOT IMPOSE ANY ADDITIONAL FEES OR  INTEREST  ON  A
 TENANT  THAT  PAYS  HIS  OR  HER  SECURITY DEPOSIT OR ADVANCE UNDER THIS
 SUBDIVISION.
   (D) ANY AGREEMENT TO PAY A SECURITY DEPOSIT IN INSTALLMENTS  SHALL  BE
 INCLUDED  WITHIN  SUCH CONTRACT OR AGREEMENT AND SHALL SPECIFY THE TOTAL
 DEPOSIT AMOUNT DUE AND THE AMOUNT DUE FOR EACH INSTALLMENT.
   (E) THIS SUBDIVISION SHALL APPLY TO ANY DEPOSIT,  ADVANCE  OR  NON-RE-
 FUNDABLE FEE USED AS A DOWN PAYMENT FOR USE OF RENTAL PROPERTY.
   (F)  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 OR AGREEMENT.
   §  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law.

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