Bill > A00738

This bill amends the Emergency Tenant Protection Act of 1974 and the Administrative Code of the City of New York to increase the penalties for owners of property who fail to file a proper or timely rent registration statement. Specifically, the bill increases the penalty for rent overcharges from three times the overcharge to at least three times, but not exceeding five times, the amount of the overcharge. However, the penalty cannot be assessed solely based on the owner's failure to file a timely or proper rent registration statement. The bill also provides that if the owner establishes the overcharge was not willful, the penalty will be the amount of the overcharge plus interest.