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Assembly Bill A2023

2025-2026 Legislative Session

Relates to a cap on security deposits for residential leases of one year or longer

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Current Bill Status - In Assembly Committee

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2025-A2023 (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:
2019-2020: A5044
2021-2022: A3616
2023-2024: A871

2025-A2023 (ACTIVE) - Summary

Relates to a cap on security deposits for residential leases of at least one year to the equivalent of one-month's rent under the lease.

2025-A2023 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2023
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2025
                                ___________
 
 Introduced  by  M.  of A. ROSENTHAL, SIMON, COLTON, CRUZ, RAGA -- Multi-
   Sponsored by -- M.  of  A.  MANKTELOW,  McDONOUGH  --  read  once  and
   referred to the Committee on Judiciary
 
 AN  ACT  to  amend  the general obligations law, in relation to a cap on
   security deposits for residential leases of one year or longer

   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. (A) FOR ALL CONTRACTS UNDER THIS SECTION OF ONE YEAR  OR  LONGER,
 ANY  DEPOSIT  OR ADVANCE SHALL NOT EXCEED THE AMOUNT OF ONE MONTH'S RENT
 UNDER SUCH CONTRACT.
   (B) ANY ADDITIONAL MOVE-IN FEES, INCLUDING FEES FOR  COMMON  HOUSEHOLD
 PETS,  BACKGROUND  CHECKS OR CREDIT CHECKS, SHALL BE INCLUDED WITHIN THE
 DOLLAR AMOUNT REQUIRED BY PARAGRAPH (A) OF THIS  SUBDIVISION.    IF  THE
 LANDLORD  REQUESTS  A DEPOSIT FOR THE RESIDING OF A COMMON HOUSEHOLD PET
 FROM THE TENANT, SUCH FEE SHALL NOT EXCEED TWENTY-FIVE  PERCENT  OF  THE
 TOTAL  DEPOSIT  OR ADVANCE.   ANY OTHER MOVE-IN FEE SHALL NOT EXCEED TEN
 PERCENT OF THE TOTAL DEPOSIT OR ADVANCE.
   (C) ALL FEES UNDER THIS SECTION, EXCEPT FEES FOR BACKGROUND CHECKS AND
 CREDIT CHECKS, SHALL BE REFUNDABLE TO THE TENANT. THE PORTION OF ANY FEE
 COLLECTED BY THE LANDLORD FOR A TENANT'S COMMON HOUSEHOLD PET SHALL ONLY
 BE RETAINED BY THE LANDLORD AFTER THE TENANT HAS VACATED THE PREMISES IF
 SUCH MONEY IS USED FOR CLEANING OR TO REPAIR DAMAGES CAUSED DIRECTLY  BY
 SUCH PET.
   (D)  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.
   §  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05426-01-5

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