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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to judiciary
- Referred to judiciary
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend general obligations law, in relation to money deposited or advanced for use or rental of real property
Purpose
To eliminate a landlord's entitlement to one percent of the interest upon the security deposit money of a tenant.
Summary of provisions
Section 1 amends subdivision 2 of section 7-103 of the general obligations law by eliminating a landlord's entitlement to one percent of the interest upon the security money of a tenant.
Section 2 is the effective date.
Justification
When this law was originally created, the prevailing interest rate on the security deposit money was 6%, leaving the tenants with 5%. Today, the rate is 1.1 % or lower. With a 1.1 % interest rate, tenants are only entitled to just one-tenth of the interest. With such a low interest rate, the tenants should be entitled to the total interest.
Bill history
New bill. S.2376 of 2007/2008; Referred to judiciary.
Fiscal implications
None.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.