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Assembly Bill A10984

2025-2026 Legislative Session

Relates to interest on money deposited or advanced for the rental of property from an aggregate portfolio of six or more rental units

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Current Bill Status - In Assembly Committee

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2025-A10984 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L

2025-A10984 (ACTIVE) - Summary

Relates to interest on money deposited or advanced for the rental of property from an aggregate portfolio of six or more rental units.

2025-A10984 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10984
 
                           I N  A S S E M B L Y
 
                              April 14, 2026
                                ___________
 
 Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
   Committee on Judiciary
 
 AN ACT to amend the general obligations law, in relation to interest  on
   money  deposited or advanced for the rental of property from an aggre-
   gate portfolio of six or more rental units
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 2-a 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-a. Whenever the money so deposited or advanced is for the rental  of
 property  containing six or more family dwelling units OR FOR THE RENTAL
 OF PROPERTY WHICH IS INCLUDED IN AN AGGREGATE PORTFOLIO OF SIX  OR  MORE
 UNITS,  the person receiving such money shall, subject to the provisions
 of this section, deposit it in an interest bearing account in a  banking
 organization  within  the  state  which account shall earn interest at a
 rate which shall be the prevailing rate earned by  other  such  deposits
 made with banking organizations in such area.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15462-01-6

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