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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to judiciary
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Prohibits the collection of administration expenses by a landlord and provides for the tenant to collect all interest paid on a security deposit or advance
In Assembly Committee · Judiciary · Sponsor Luis R. Sepúlveda
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S514
Title of bill
An act to amend the general obligations law, in relation to tenant security deposits
Purpose
Prohibits the collection of administration expenses by a landlord and provides for the tenant to collect all interest paid on a security deposit or advance.
Summary of provisions
Section 1 of the bill amends section 7-103 of the general obligations law to remove the ability of a landlord to collect administration expenses on a tenant's security deposit and allows for a tenant to collect on all interest paid on the security deposit.
Existing law
Currently a landlord is allowed to collect, as "administration expenses" a sum equivalent to one per cent per annum upon a tenant's security deposit.
Justification
It is unjust for a landlord to have the ability to take one percent of the interest compounded by a tenant's security deposit. The security deposit is the tenant's money. Therefore it is only just that the tenant be allowed to keep all of his or her interest from that deposit.
Legislative history
2007: S.3556 (Duane), Died in Judiciary 2008: S.3556 (Duane), Died in Judiciary 2009: S.3338 (Duane), Died in Judiciary 2010: S.3338 (Duane), Died in Judiciary
Fiscal implications
Minimal.
Effective date
This act will take effect on the first of January next succeeding the date on which it shall become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.