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NY A00629
Bill
Status
1/8/2025
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 with a third-party custodian rather than with landlords directly
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Requires landlords to place all security deposits or advances into the state-administered system, with interest accruing to the tenant
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Creates a free dispute resolution service for disagreements over withheld security deposits, with decisions binding on both parties if they agree to participate
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Imposes a civil fine of up to 15% of annual rent on landlords who fail to deposit security funds into the required system
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Takes effect 120 days after becoming law, with rulemaking authority granted immediately to prepare for implementation
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
1/7/2026