Bill Text: NY S03379 | 2019-2020 | 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: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2019-02-06 - REFERRED TO JUDICIARY [S03379 Detail]

Download: New_York-2019-S03379-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 6, 2019
        Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
          printed to be committed 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.