Senate Bill S2371

2009-2010 Legislative Session

Relates to tenant security deposit accounts and administrative expenses to which a person may be entitled

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Archive: Last Bill Status - In Senate Committee Judiciary Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S2371 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §7-103, Gen Ob L

2009-S2371 (ACTIVE) - 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.

2009-S2371 (ACTIVE) - Sponsor Memo

2009-S2371 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2371

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 19, 2009
                               ___________

Introduced  by  Sen. PADAVAN -- 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 tenant secu-
  rity deposit accounts

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision 2 of section 7-103 of the general obligations
law, as amended by chapter 402 of the laws of 1979, is amended  to  read
as follows:
  2.  Whenever the person receiving money so deposited or advanced shall
deposit such money in a banking organization, such person shall thereup-
on notify in writing each of the persons making such security deposit or
advance, giving the name and address  of  the  banking  organization  in
which  the  deposit  of  security  money is made, and the amount of such
deposit. Deposits in a banking organization pursuant to  the  provisions
of  this  subdivision  shall  be made in a banking organization having a
place of business within the state. If the person depositing such  secu-
rity  money  in a banking organization shall deposit same in an interest
bearing account, he OR SHE shall be entitled  to  receive,  as  adminis-
tration  expenses,  a  sum  equivalent to TWENTY PERCENT OF THE INTEREST
EARNED BY SUCH SECURITY MONEY PER ANNUM, BUT NO MORE THAN one [per cent]
PERCENT per annum [upon] OF the security money so deposited, which shall
be in lieu of all  other  administrative  and  custodial  expenses.  The
balance  of  the  interest paid by the banking organization shall be the
money of the person making the deposit or advance and  shall  either  be
held  in  trust by the person with whom such deposit or advance shall be
made, until repaid or applied for the use or rental of the leased  prem-
ises,  or  annually  paid  to  the person making the deposit of security
money.
  S 2. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09506-01-9
              

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