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NY A00257
Bill
Status
1/4/2023
Primary Sponsor
Linda Rosenthal
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AI Summary
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Establishes a tenancy deposit protection program within the Division of Housing and Community Renewal to hold tenant security deposits through a third-party custodian and arbiter with interest accruing.
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Requires landlords to place all tenant security deposits or advances into the program's system upon receipt.
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Mandates that landlords obtain written agreement with tenants specifying the amount and reasons for any security deposit withholdings.
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Creates a free dispute resolution service for disagreements over security deposit withholdings, with decisions binding if both parties agree in advance.
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Imposes civil fines up to 15 percent of annual rent for landlords who fail to place deposits in the required system; takes effect 120 days after enactment.
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
1/3/2024