Bill > A08078

This bill amends the New York general obligations law to establish comprehensive regulations for security deposits in residential leases. The legislation limits security deposits to one month's rent and requires landlords to provide tenants with a detailed process for returning their deposits. Specifically, landlords must notify tenants one month before lease expiration about pre-exit and post-exit walk-throughs to document potential damages. Within 21 days after the lease ends, landlords must return the full security deposit and any accrued interest, minus any amounts retained for specific reasons like unpaid rent, damages, or cleaning. If the landlord retains any portion of the deposit, they must provide a written statement with photographic documentation and itemized repair receipts, including proof of payment and details about the repair work. Tenants can dispute the statement through mediation or small claims court. The bill also imposes significant penalties for willful violations, including treble damages, attorneys' fees, and potential reporting to the Department of Homes and Community Renewal. Importantly, any contractual provisions attempting to waive these protections are explicitly voided, ensuring tenants cannot be asked to surrender these rights.

Justice

https://www.nysenate.gov/legislation/bills/2025/A8078