Loading chat...
NY A03705
Bill
Status
1/28/2021
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
-
Establishes a tenancy deposit protection program within the Division of Housing and Community Renewal to hold tenant security deposits through a third-party custodian with interest accruing.
-
Requires landlords to place tenant security deposits or advances into the program system upon receipt.
-
Mandates that landlords seeking to withhold deposits must first reach a written agreement with tenants specifying the amount and reasons for withholding.
-
Creates a free dispute resolution service for disagreements over security deposit withholding, with binding decisions if both parties agree to use it in advance.
-
Imposes civil fines up to 15 percent of annual rent on landlords who fail to place deposits into the required system.
Legislative Description
Relates to establishing the tenancy deposit protection program; requires the commissioner of housing and community renewal to establish a program to hold security deposits in third-party accounts and create a dispute resolution process regarding the withholding of security deposits.
Last Action
referred to housing
1/5/2022