Bill
Bill > A05200
NY A05200
NY A05200Provides that a landlord depositing security deposits in an interest bearing account shall be entitled to receive as administration expenses a sum equivalent to 20 percent of the interest earned by such security money per annum, but not to exceed one percent per annum of the money so deposited.
summary
Introduced
02/07/2019
02/07/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
Provides that a landlord depositing security deposits in an interest bearing account shall be entitled to receive as administration expenses a sum equivalent to 20 percent of the interest earned by such security money per annum, but not to exceed one percent per annum of the money so deposited.
AI Summary
This bill amends a provision in the New York General Obligations Law to specify that a landlord who deposits a security deposit in an interest-bearing account can receive up to 20% of the interest earned on the deposit as an administration expense, not to exceed 1% per annum of the deposited money. The remaining interest must be held in trust or paid annually to the person who made the security deposit. The bill will take effect on the first of January following the date it becomes law.
Committee Categories
Justice
Sponsors (2)
Last Action
referred to judiciary (on 01/08/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://assembly.state.ny.us/leg/?default_fld=&bn=A05200&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y | 02/08/2019 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A05200&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05200 | 02/08/2019 |
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