Bill
Bill > A01255
NY A01255
NY A01255Provides 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
01/13/2023
01/13/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the general obligations law, in relation to tenant security deposit accounts
AI Summary
This bill amends the New York General Obligations Law to allow landlords who deposit tenant security deposits in interest-bearing accounts to receive up to 20% of the interest earned on those deposits, but not more than 1% per annum of the deposited money, as administrative expenses. The remaining interest earned must be held in trust or paid annually to the tenant making the security deposit.
Committee Categories
Justice
Sponsors (3)
Last Action
referred to judiciary (on 01/03/2024)
Bill Topics
Community Development and Housing Issues
- ‐ General Housing and Community Development
Official Document
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://www.nysenate.gov/legislation/bills/2023/A1255 | 01/13/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A01255&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A01255 | 01/13/2023 |
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