Bill Text: NY A00871 | 2023-2024 | General Assembly | Introduced
Bill Title: Relates to a cap on security deposits for residential leases of at least one year to the equivalent of one-month's rent under the lease.
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: (Introduced) 2024-01-03 - referred to judiciary [A00871 Detail]
Download: New_York-2023-A00871-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 871 2023-2024 Regular Sessions IN ASSEMBLY January 11, 2023 ___________ Introduced by M. of A. L. ROSENTHAL, SIMON, JEAN-PIERRE, COLTON, CRUZ -- Multi-Sponsored by -- M. of A. MANKTELOW, McDONOUGH -- read once and referred to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to a cap on security deposits for residential leases of one year or longer The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 7-103 of the general obligations law is amended by 2 adding a new subdivision 2-c to read as follows: 3 2-c. (a) For all contracts under this section of one year or longer, 4 any deposit or advance shall not exceed the amount of one month's rent 5 under such contract. 6 (b) Any additional move-in fees, including fees for common household 7 pets, background checks or credit checks, shall be included within the 8 dollar amount required by paragraph (a) of this subdivision. If the 9 landlord requests a deposit for the residing of a common household pet 10 from the tenant, such fee shall not exceed twenty-five percent of the 11 total deposit or advance. Any other move-in fee shall not exceed ten 12 percent of the total deposit or advance. 13 (c) All fees under this section, except fees for background checks and 14 credit checks, shall be refundable to the tenant. The portion of any fee 15 collected by the landlord for a tenant's common household pet shall only 16 be retained by the landlord after the tenant has vacated the premises if 17 such money is used for cleaning or to repair damages caused directly by 18 such pet. 19 (d) Any person who violates the provisions of this subdivision shall 20 be punished by a civil fine of up to fifteen percent of the annual rent 21 under such contract. 22 § 2. This act shall take effect on the sixtieth day after it shall 23 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01281-01-3
