Bill
Bill > A04396
NY A04396
NY A04396Provides 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
02/04/2021
02/04/2021
In Committee
05/04/2022
05/04/2022
Crossed Over
05/04/2022
05/04/2022
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 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 the General Obligations Law to allow landlords who deposit security deposits in interest-bearing accounts to receive up to 20% of the interest earned on those deposits as administration expenses, not to exceed 1% of the deposited amount per year. The balance of the interest earned must be held in trust or paid annually to the person who made the security deposit. The bill will take effect on January 1 of the year following its enactment into law.
Committee Categories
Justice
Sponsors (3)
Last Action
REFERRED TO JUDICIARY (on 05/04/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A4396 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A04396&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A04396 |
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