NY A01964

Grants tenants the option to pay security deposits in installments, with payments due on the first of each subsequent month until paid in full

Limits installment plans to a maximum of six consecutive, equal payments for leases of one year or longer

Prohibits landlords from charging additional fees or interest on tenants who choose to pay security deposits in installments

Requires installment agreements to be included in the lease contract, specifying the total deposit amount and each installment amount

Imposes a civil fine of up to 15% of the annual rent for violations of these provisions

Takes effect 60 days after becoming law