Assembly Bill A259

2023-2024 Legislative Session

Establishes security deposit options for certain tenants

download bill text pdf

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Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A259 (ACTIVE) - Details

See Senate Version of this Bill:
S180
Current Committee:
Assembly Housing
Law Section:
Real Property Law
Laws Affected:
Add §238-b, RP L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8431
2021-2022: A7105, S2001

2023-A259 (ACTIVE) - Summary

Establishes security deposit options for certain tenants, including but not limited to, an option to pay any deposit or advance to rent or use residential real property or a dwelling unit.

2023-A259 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    259
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 4, 2023
                                ___________
 
 Introduced  by  M. of A. GONZALEZ-ROJAS -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the real property law, in relation to establishing secu-
   rity deposit options for certain tenants
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The  real property law is amended by adding a new section
 238-b to read as follows:
   § 238-B. SECURITY DEPOSIT. 1.  A  LANDLORD  WHO  REQUIRES  A  SECURITY
 DEPOSIT  TO  BE  PAID  BY A TENANT WHICH IS COVERED BY THE PROVISIONS OF
 SECTIONS 7-107 AND 7-108 OF THE GENERAL OBLIGATIONS LAW  SHALL  ALSO  BE
 REQUIRED  TO  OFFER  TO  ACCEPT AT LEAST ONE OF THE FOLLOWING OPTIONS IN
 LIEU OF SUCH SECURITY DEPOSIT:
   A. PAYMENT OF ANY SECURITY DEPOSIT OVER A SERIES OF NO LESS  THAN  SIX
 EQUAL  MONTHLY  INSTALLMENT PAYMENTS, WHICH INSTALLMENTS SHALL BE DUE ON
 THE SAME DAY AS THE MONTHLY RENT PAYMENT AND WHICH MAY BE PAID  TOGETHER
 WITH THE MONTHLY RENT PAYMENT IN A SINGLE TRANSACTION, ABSENT A SEPARATE
 AGREEMENT BETWEEN SUCH LANDLORD AND TENANT;
   B.  PAYMENT  OF A REDUCED SECURITY DEPOSIT WHICH SHALL BE NO MORE THAN
 FIFTY PERCENT OF THE AMOUNT OF ONE MONTH'S RENT UNDER SUCH CONTRACT; OR
   C. IF SUCH TENANT QUALIFIES, PAYMENT OF ANY  DEPOSIT  PURSUANT  TO  18
 NYCRR 352.6.
   2.  IN  ADDITION  TO THE OPTIONS IN SUBDIVISION ONE OF THIS SECTION IN
 LIEU OF A SECURITY DEPOSIT, A LANDLORD MAY ACCEPT RENTAL SECURITY INSUR-
 ANCE, DEFINED AS A SURETY BOND   OR   INSURANCE  POLICY    ISSUED  BY  A
 LICENSED CARRIER IN THE STATE OF NEW YORK THAT GUARANTEES OR INDEMNIFIES
 A  TENANT  AFTER  DEFAULT OF A   FINANCIAL   OBLIGATION UNDER THE RENTAL
 AGREEMENT. IF THE LANDLORD WISHES TO OFFER OR  SUGGEST  RENTAL  SECURITY
 INSURANCE  THAT  IS PROVIDED BY ITSELF OR A SEPARATE COMPANY, THE RENTAL
 SECURITY INSURANCE OFFERED MUST SATISFY THE FOLLOWING CRITERIA:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01351-01-3
 A. 259                              2
              

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